On 30 June 2025, the IMF Executive Board completed the Eighth Review of the Extended Fund Facility (EFF) program. The successful completion of this Eighth Review unlocks immediate access to SDR 0.37 billion (equivalent to approximately USD 0.5 billion), which will be channeled for budget support. Following this disbursement, total IMF financing under the program will increase to around USD 10.6 billion.
The IMF’s release mentions that Ukraine’s performance under the Program remains strong. All end-March quantitative performance criteria have been met. The authorities also met the prior action, and two structural benchmarks. Four new structural benchmarks were also established, and the timelines of some structural benchmarks have been reset to allow more time to complete these important reforms.
Considering the updated balance of payments needs, the Ukrainian side has requested the mission to adjust the payment structure under the EFF program in 2025. At the same time, the overall size of the program remains unchanged at USD 15.5 billion.
“Russia’s war continues to take a devastating social and economic toll on Ukraine. Nevertheless, macroeconomic stability has been preserved through skillful policymaking as well as substantial external support,” said IMF First Deputy Managing Director Gita Gopinath.
Ukraine’s economy remains resilient. The 2025 growth forecast for Ukraine has been maintained at 2–3 percent. Risks to the outlook remain exceptionally high, requiring a clear contingency plan in case they materialize.
The IMF noted that given still elevated inflation, the tight monetary policy stance of the NBUremains appropriate, and the NBU should stand ready to tighten further should inflation expectations worsen. FX reserves remain adequate, sustained by continued sizeable external support. Greater exchange rate flexibility will help strengthen economic resilience while safeguarding reserves.
The financial sector remains stable, though vigilance is needed given heightened risks. Improving capital markets infrastructure will be key to attracting foreign private capital for post-war reconstruction.
The IMF statement says that continuing war has necessitated a Supplementary Budget for 2025. Restoring fiscal sustainability and meeting priority expenditures require continued decisive efforts to implement the National Revenue Strategy, modernization of the tax and customs services, reduction in tax evasion, and harmonization of national legislation with EU standards. These reforms, combined with improvements in public investment management frameworks, medium-term budget preparation, and fiscal risk management, are critical to underpinning growth and investment.
Ukrainian authorities continue working to complete their Eurobond debt restructuring strategy. Reaching agreement consistent with the program’s debt sustainability objectives is essential to reduce fiscal risks, create space for critical spending, and restore debt sustainability.
The program remains fully financed, with a cumulative external financing envelope of USD 153 billion in the baseline scenario and USD 165 billion in the downside scenario, over the four-year period of the program, including the utilization of approximately USD 50 billion under the G7’s ERA Loans for Ukraine (non-recourse loan financing secured by proceeds from immobilized russian assets). Full, timely, and predictable disbursement of external support—on terms consistent with debt sustainability—remains essential so that the program remains fully financed.
“We have been waiting for this positive news from Washington. The eighth review is a new record for Ukraine in its of cooperation with the IMF. Every successful review isn’t just about financing. It’s about trust, sustainability of reforms, and effectiveness of our engagement with the Fund. Cooperation with the IMF remains a vital element of Ukraine’s financial resilience and recovery,” said Andriy Pyshnyy, Governor of the National Bank of Ukraine.
On 31 March 2023, the IMF Executive Board approved a four-year Extended Fund Facility arrangement for Ukraine. Disbursements under the program are conditional on quarterly review results.