National Bank of Ukraine says IMF completed first Ukraine EFF review, unlocking USD 690 million for budget support

The National Bank of Ukraine reported that the International Monetary Fund Executive Board completed the first review of Ukraine’s four-year Extended Fund Facility arrangement and concluded the 2026 Article IV Consultation. The decision gives Ukraine immediate access to SDR 503 million, equivalent to about USD 690 million, for budget support and lifts total IMF financing under the program to around USD 2.2 billion. The IMF assessed overall program performance as broadly satisfactory, while noting that the economic outlook has weakened and risks remain exceptionally high. All end-March quantitative performance criteria and indicative targets were met, but the end-June target on net international reserves was missed, partly because of the impact of the war in the Middle East. The IMF also said structural reform implementation had slowed, with several benchmarks delayed or missed, and that the authorities agreed corrective actions and revised timelines while reaffirming commitments on fiscal policy, governance, anti-corruption, energy-sector and financial-sector reforms. In the Article IV assessment, the IMF highlighted the need to preserve macroeconomic stability while advancing reforms tied to revenue mobilization, informality, the investment climate, state-owned enterprises, public investment management and financial inclusion. It also said the program remains fully financed under both baseline and downside scenarios, supported by international partners including the European Commission’s EUR 90 billion Ukraine Support Loan, G7 ERA financing and other bilateral support, alongside an extension of the current debt standstill by Ukraine’s official bilateral creditors.