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Укр Ukrainian authorities and the IMF reach an agreement at the expert level on the 6th revision of the Extended Fund Facility (EFF) program
Representatives of the Ukrainian authorities and experts from the International Monetary Fund (IMF) have reached an agreement at the expert level on the sixth revision of the Extended Fund Facility (EFF) program. The total amount of the program is about USD 15.6 billion for 2023-2027.
The agreement is subject to approval by the IMF Executive Board, which is expected to be considered in the coming weeks.
On November 11-18, the leadership of the Ministry of Finance of Ukraine, the National Bank of Ukraine, other Ukrainian authorities and the IMF mission to Ukraine held a series of discussions on the sixth review.
The Ministry of Finance was represented by Minister of Finance Sergii Marchenko, First Deputy Minister of Finance Denys Uliutin, Deputy Ministers of Finance Yuriy Draganchuk, Olha Zykova, Svitlana Vorobey and Government Commissioner for Public Debt Management Yuriy Butsa.
Ukraine has fulfilled the five structural benchmarks envisaged for the sixth review of the Program:
- Amendments to the Customs Code were adopted in line with international best practices;
- review of pre-war policies and practices of medium-term budget planning;
- financial risks to financial stability were assessed and an action plan for different scenarios was prepared;
- assessed the financial condition of district heating enterprises;
- and developed a policy for managing state property in state-owned enterprises, a dividend policy, and a privatization strategy.
In addition, Ukraine has fulfilled another structural benchmark in the energy sector ahead of schedule.
The IMF experts highly appreciated the efforts and commitment of the Ukrainian Government to implement the comprehensive reform plan under the Program.
Sergii Marchenko
Minister of Finance
“Together with the IMF team, Ukraine continues to successfully implement the EFF program. The implementation of the defined measures and policies allows us to maintain macro-financial stability and supports our country's European integration path. Reaching an agreement at the expert level on the sixth review paves the way for the disbursement of a USD 1.1 billion tranche,” said Sergii Marchenko.
The Mission noted that the 2025 budget is within the parameters of the EFF program. At the same time, external support continues to be critical given the ongoing full-scale war. The IMF also emphasized the importance of implementing the National Revenue Strategy as a key element in increasing domestic revenues, restoring fiscal sustainability, improving the business climate, and meeting the criteria for EU accession.
Over the course of the IMF EFF program, the state budget has received about USD 8.7 billion out of the USD 15.6 billion envisaged.
The International Monetary Fund is the third largest provider of financial assistance to Ukraine since the beginning of the full-scale invasion, with about USD 11.4 billion.
