NBU: The format of the current program with the IMF no longer meets the realities of war

Ukraine and the International Monetary Fund are already working on a new cooperation program. According to Andriy Pyshnyy , governor of the National Bank of Ukraine, the negotiation process is ongoing, and the NBU is actively involved. In an interview with RBC-Ukraine, Pyshnyi said that the positioning framework and directions of the new program, which should potentially replace the current one.

, are being formed

Although the current program with the IMF runs until 2027 and is largely focused on post-war reconstruction, the conditions under which it was developed have changed significantly. The NBU Governor emphasized that the war is not over, and the shelling of civilian infrastructure is only intensifying.

"Unfortunately, the actions of the Russians do not indicate a desire to end the war. Ukraine, its civilian infrastructure and population are being shelled more and more frequently and intensively. As a result, the format of the current program no longer fully meets the needs of today," he emphasized .

At the same time, Pyshny admits that the current program has been successful for both Ukraine and the Fund itself. The program has undergone eight effective reviews despite a full-scale war, which, according to the NBU governor, is evidence of quality work on the part of Ukraine.

"The intensity of our interaction with the IMF is probably record-breaking – every three months we have a new program review. I joke that I see my family less often than I see my IMF colleagues and the head of the mission, Gavin Gray. But our close and constant communication allows us to talk to them quite sincerely. They understand all the processes that are taking place in Ukraine down to the molecules," he added .

He also added that there are currently no grounds to revise the basic assumptions in the scenarios for cooperation with the IMF. But Ukraine must ensure that it fulfills all its obligations under the agreements with the EU and the IMF.

"When we are steadfast in implementing our structural reform commitments, it gives us grounds to speak to our partners on an equal footing to ensure that they fulfill their assurances to cover our needs," Pyshny said .

Under the current program with the IMF, two financing scenarios have already been calculated. The baseline scenario assumes that the current intensity of the war continues, in which case Ukraine needs $153 billion over four years. In case of negative developments, the need may increase to $165 billion.

• on July 22, Svyrydenko said that Ukraine is likely to apply for a new program to the IMF .