IMF Executive Board Completed Eighth Review of Ukraine’s EFF Program. $500 million Disbursement Expected Soon

On June 30, the Executive Board of the International Monetary Fund (IMF) completed the eighth review of Ukraine’s Extended Fund Facility (EFF) arrangement.

As a result of the successful review, Ukraine will soon receive the ninth tranche under the EFF program, amounting to about USD 500 million.

The IMF noted Ukraine’s progress in meeting the conditions of the EFF program as of end-March 2025. The Ukrainian economy remains resilient, and the program’s performance indicators remain strong despite the ongoing full-scale war. All quantitative performance criteria and indicative targets for end-March were met. Ukraine has also performed two structural benchmarks:

• Submission to Parliament of legislative amendments to introduce tax reporting requirements for digital platform operators;

• Publication of the completed external audit of the National Anti-Corruption Bureau of Ukraine’s effectiveness.

“Following the successful review, Ukraine will receive a disbursement of about USD 500 million in the near future. This will bring total disbursements under the EFF program to USD 10.6 billion. I am grateful to the IMF team for their productive cooperation,” said Ukraine’s Minister of Finance Sergii Marchenko.

Following the Executive Board discussion on Ukraine, Gita Gopinath, First Deputy Managing Director of the IMF stated that the continuing war has necessitated a Supplementary Budget for 2025. Restoring fiscal sustainability and meeting elevated priority expenditures over the medium term will require continued decisive efforts to implement the National Revenue Strategy. This includes modernization of the tax and customs services, reduction in tax evasion, and harmonization of legislation with EU standards. These reforms, combined with improvements in public investment management frameworks, medium-term budget preparation, and fiscal risk management, are critical to underpinning growth and investment.

The Government remains committed to reforms and policies aimed at maintaining macroeconomic stability and improving economic performance, even amid the ongoing full-scale war. Structural reforms cover public finance, the financial sector, monetary and exchange rate policy, governance, anti-corruption, and the energy sector.

To date, Ukraine has already received eight disbursements under the IMF’s EFF program totaling around USD 10.1 billion, out of the planned USD 15.5 billion for the 2023–2027 period.

Additional information

On March 31, 2023, the IMF Executive Board approved a four-year Extended Fund Facility (EFF) arrangement for Ukraine totaling USD 15.5 billion (SDR 11.6 billion).

The program is part of a broader international support package for Ukraine, currently amounting to approximately USD 152.9 billion for 2023–2027.

Since the onset of the full-scale invasion, the IMF has become Ukraine’s third-largest financial supporter, after the European Union and the United States.