Ukraine requests new IMF program, aims for approval by year-end

On Tuesday, September 9, Ukrainian Prime Minister Yulia Svyrydenko officially asked the International Monetary Fund for a new financing program. She said this after meeting with IMF mission chief Gavin Gray.

"Today, at the meeting, I handed over a letter to IMF mission chief Gavin Gray requesting a new cooperation program to support Ukraine over the next few years. We agreed to continue the necessary consultations between our teams in the coming months in order to obtain a positive decision by the IMF Executive Board by the end of the year," Svyrydenko said.

The current program with the IMF is in effect until 2027, but as National Bank Governor Andriy Pyshnyi explained, it is largely focused on post-war reconstruction, while the war is ongoing and the next budget will also be a wartime budget.

"Active hostilities are ongoing, and the draft state budget for 2026 was prepared on the assumption that the war is far from over," Svyrydenko said.

The budget priority will remain financing defense and social programs, for which domestic resources and additional international assistance are needed.

Svyrydenko added that during the meeting with the IMF representative they also "specifically focused on issues of attracting capital for private sector development, deregulation and energy recovery."

• In March 2023, Ukraine received a new four-year Extended Fund Facility from the IMF totaling $15.6 billion. Since then, the program has undergone eight successful reviews, and Ukraine has received nine disbursements.