The International Monetary Fund (IMF) on Monday approved the disbursement of an additional $500 million to Ukraine, following the completion of its eighth review under the country’s $15.5 billion Extended Fund Facility.
The move brings total IMF disbursements to Ukraine under the four-year program to $10.6 billion.
The IMF Board's approval comes amid ongoing war-related challenges, with the Fund reiterating its warning that Ukraine continues to face "exceptionally high" risks to its economic outlook due to Russia's ongoing invasion.
“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 in a statement.
Despite the ongoing conflict, Ukraine has met all performance criteria under the program and has established four new reform benchmarks. These include steps to modernize the financial market infrastructure, implement international valuation standards, and improve alignment with global practices on securitization and bond markets.
The IMF also granted more time for Ukraine to meet certain structural commitments, such as appointing a new head of the State Customs Service. Ukrainian authorities have additionally requested a rephasing of access to IMF funds to better match their financing needs through the remainder of 2025, although no specifics were disclosed.
The Fund maintained its 2025 economic growth forecast for Ukraine at 2–3%, noting that lower gas production and weaker agricultural exports are weighing on recovery. It also indicated that Ukraine will likely require a supplementary budget for the year to manage continued fiscal pressures related to the war.
The review could also open the door for Ukraine to revisit stalled negotiations over restructuring its GDP-linked warrants. Earlier this month, Ukraine’s debt chief Yuriy Butsa told Reuters that the IMF’s review would provide a logical point to resume talks on that front.
The latest tranche underscores the critical role of international financial assistance in supporting Ukraine's economy during wartime, as the country continues efforts to stabilize its finances and implement long-term reforms amid severe external shocks.
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