Sergii Marchenko and French President’s Special Envoy discuss reforms, IMF cooperation and Ukraine’s financing needs

On 16 July, Ukraine’s Minister of Finance, Sergii Marchenko, met with the French President’s Special Envoy for Assistance and Reconstruction of Ukraine Muriel Lacoue-Labarthe.

The parties discussed the implementation of reforms under Ukraine’s cooperation with the International Monetary Fund, the country’s external financing needs, preparations for the next meeting of the Ukraine Donor Platform, as well as the development of Ukrainian-French economic cooperation and joint investment projects.

The Minister of Finance also acknowledged France’s contribution to shaping joint decisions of the European Union and the G7 in support of Ukraine, including under the Ukraine Facility, the Extraordinary Revenue Acceleration (ERA) mechanism, and the new Ukraine Support Loan instrument.

During the meeting, the Minister briefed the French side on the implementation of the new four-year IMF Extended Fund Facility (EFF) program for 2026–2029, totaling USD 8.1 billion. Ukraine and the IMF have reached a staff-level agreement on the first review of the program. The review is now expected to be considered by the IMF Executive Board.

As part of meeting the program’s structural benchmarks, a new Head of the State Customs Service of Ukraine was appointed following an open and competitive selection process. The Government also improved the procedure for appointing members of supervisory boards of state-owned banks and approved updated strategic directions for the state banking sector.

Sergii Marchenko stressed that Ukraine continues to fulfill its commitments despite exceptionally challenging security and economic conditions. The key priorities of the IMF-supported program remain maintaining prudent fiscal policy, mobilizing domestic revenues, improving tax and customs administration, reducing opportunities for tax evasion, and strengthening the institutional capacity of public authorities.

The parties also focused on Ukraine’s medium-term budget financing needs. According to the Budget Declaration for 2027–2029, Ukraine’s total external financing needs for 2026–2029 are estimated at USD 145.9 billion. The financing requirement for 2027 alone amounts to approximately USD 45.3 billion.

The Minister of Finance emphasized the importance of continued coordination among the G7, the European Union, and other international partners to ensure full coverage of Ukraine’s budget financing needs.

Sergii Marchenko and Muriel Lacoue-Labarthe reaffirmed their commitment to further strengthening Ukrainian-French financial and economic cooperation, expanding engagement with French businesses, and implementing joint projects aimed at rebuilding Ukraine’s critical infrastructure.