During an official working visit to Al-Ula, Kingdom of Saudi Arabia, Ukraine’s Finance Minister Sergii Marchenko and Governor of the National Bank of Ukraine Andriy Pyshnyy met with the IMF Managing Director Kristalina Georgieva.

The meeting took place on the sidelines of the AlUla Conference for Emerging Market Economies, an annual economic policy conference organized by the Ministry of Finance of Kingdom of Saudi Arabia and the IMF Regional Office.

The parties discussed the state of Ukraine’s economy and the progress in performing the conditions under the IMF’s Extended Fund Facility (EFF) program.

Sergii Marchenko thanked the IMF for its cooperation in supporting the stability of the financial system, facilitating financial assistance, and strengthening the country’s economy system.

“Since the full-scale invasion began, Ukraine has attracted over USD 12.4 billion from the IMF. Effective cooperation with the Fund is one of the tools supporting the country’s financial stability during the war. The IMF continues to respond effectively to Ukraine’s needs. We, for our part, are implementing necessary reforms to stabilize the economy and move closer to EU membership. The EFF program is crucial to achieving these goals, as it provides a foundation for cooperation with international partners and supports attracting large-scale donor funding, including from the G7 countries and the European Union,” told Sergii Marchenko during the meeting.

Kristalina Georgieva assured that the IMF would continue to provide comprehensive support to Ukraine.

Ukraine’s Finance Minister and the IMF Managing Director discussed preparations for the seventh review of the EFF program, with the IMF mission expected to begin in the coming days.

“The Ministry of Finance, together with the teams from the National Bank and the IMF, continues to work on implementing jointly defined reforms. We have successfully completed six program reviews and are working on meeting the conditions for the seventh review, which will result in the next tranche of about USD 917.5 million,” Sergii Marchenko emphasized.

In nearly two years of the EFF program, Ukraine has successfully completed six reviews – the first time in the history of cooperation with the IMF. This has allowed the country to attract about USD 9.8 billion to Ukraine’s State Budget, from the total USD 15.5 billion foreseen for the 2023-2027 period under the program.

In 2025, Ukraine plans to attract USD 2.7 billion from the IMF through four quarterly reviews. The program is part of the broader international support package for Ukraine, which currently totals about USD 148 billion.

To date, Ukraine has met 35 structural benchmarks – reform measures within the IMF’s Extended Fund Facility program. To continue the program in 2025, the Ukrainian Government must meet the necessary conditions in the following areas:

• Strengthening financial stability;
• Supporting economic recovery;
• Improving the governance of state institutions;
• Eurointegration.

The International Monetary Fund is the third-largest provider of financial assistance to Ukraine (after the US and the EU) since the full-scale invasion began.