Oleksii Kuleba: Reform of investment management is one of the key focuses of the new IMF programme

Ukraine and the IMF have reached a Staff-Level Agreement on a new four-year Extended Fund Facility (EFF) programme that envisages support totalling USD 8.1 billion.

The Ministry for Communities and Territories Development team has been working fruitfully with the IMF for a year now. As part of preparing the new programme, meetings were held during the IMF and World Bank Annual Meetings in Washington and with the IMF mission in Kyiv led by Gavin Gray.

The parties discussed the current situation and action plans in the Ministry’s core areas – housing, transport, municipal infrastructure and services – as well as the implementation of the public investment management reform.

The Ministry’s consistent work in these areas contributed to the achievement of the Staff-Level Agreement on the new Extended Fund Facility programme.

This agreement forms part of a broader package of financial assistance and will serve as an important signal to international partners (the G7 countries and the EU). In addition to financing the budget deficit, the programme includes a clear roadmap of structural reforms.

“The agreement with the IMF is not only about financial support; it is about high-quality structural change. For our team, a key priority in this programme is the reform of public investment management. Reforming the public investment management system will enable us to administer reconstruction projects effectively. This is the foundation of investor confidence and of Ukraine’s successful European integration,” said Oleksii Kuleba, Deputy Prime Minister for Restoration and Minister for Communities and Territories Development.

One of the main focuses of the new programme is the introduction of public investment management reform. In this area, a procedure for preparing sectoral strategies has already been developed, based on the new methodology of the public investment system – one of the IMF’s requirements.

The introduction of unified approaches will create a transparent management system and guarantee the targeted and efficient use of state funds and international partners’ resources for Ukraine’s reconstruction.

Other priorities of the programme include ensuring fiscal sustainability, reducing the shadow economy, improving corporate governance, and advancing European integration. These measures will support economic recovery, successful reconstruction and development, and the realisation of Ukraine’s European integration course.

Final approval of the programme by the IMF Executive Board is expected once Ukraine completes a number of prior actions and receives financial assurances from donors.