Representatives of the Ukrainian authorities and the IMF staff have reached a staff-level agreement on the seventh review of the 4-year Extended Fund Facility (EFF) Arrangement.

The total amount of the program is about USD 15.5 billion for 2023-2027, of which USD 9.8 billion has already been secured. 

The negotiations involving IMF experts along with representatives of the Ministry of Finance of Ukraine, the National Bank of Ukraine, and other authorities took place in Kyiv and Warsaw during the week of 20-28 February.

The IMF staff noted the effectiveness of Ukraine's implementation of the Program. All end-December quantitative performance criteria have been met. The structural reform agenda continues to make progress, with seven structural benchmarks met, another benchmark implemented with delay. 

The parties reached an understandings on a number of further policies and reforms to sustain macroeconomic stability.

Minister of Finance Sergii Marchenko noted that the Ministry of Finance remains committed to the comprehensive reform plan. The implementation of measures and policies will help to maintain macro-financial stability and accelerate the country's European integration process.

“Effective and well-coordinated cooperation with the IMF is one of the key elements in maintaining Ukraine's financial stability in the face of uncertainty. Ukraine continues to work fruitfully on the implementation of the jointly agreed reforms,” the Minister of Finance added.

Additional information:

On March 31, 2023, the IMF Executive Board approved a new four-year program under the Extended Fund Facility (EFF) for Ukraine, with funding of about USD 15.5 billion (SDR 11.6 billion). The program is part of a package of international support for Ukraine, currently amounting to about USD 148 billion for 2023-2027.

Overall, since the beginning of the full-scale invasion, Ukraine has received over USD 12.4 billion from the IMF.