The IMF approved a $500 million disbursement to Ukraine after completing its eighth program review, bringing the total aid under its historic wartime program to $10.6 billion.
This will bring the total disbursements under the four-year Extended Fund Facility (EFF) program to $10.6 billion, the IMF reported in a Monday, June 30 press release.
Ukraine has already received the tranche, the ninth since the start of the program, Ukraine’s Ministry of Finance reported.
Ukraine met all end-March benchmarks for the eighth IMF review, including submitting a detailed reform plan for the State Customs Service to the Cabinet of Ministers, according to the press release.
Two structural benchmarks were also completed – on digital tax reporting and publication of the National Anti-Corruption Bureauʼs (NABU) audit.
“Sustained progress in anticorruption and governance reforms remains crucial. The completed audit of NABU is an important step.” First Deputy Managing Director of the IMF Gita Gopinath said.
Ukraine still has an obligation to amend the criminal procedures code, appoint the new head of the Economic Security Bureau (ESB) and strengthen Anti-Money Laundering and Combating the Financing of Terrorism frameworks (AML/CFT), she said.
The IMF Executive Board extended the deadlines of some other structural benchmarks, including the appointment of the head of the customs service chair, to allow the Ukrainian authorities more time to complete the reforms, the press release says.
The Ukrainian authorities also asked to adjust the timing of IMF disbursements for the rest of 2025 to better match Ukraine’s updated balance of payments needs. The program’s overall size remains unchanged.
The IMF established four new benchmarks for Ukraine, including:
- Measures to update the single project pipeline
- Preparation of a prioritized roadmap for financial market infrastructure
- Implementation of international valuation standards
- Development of legislative proposals to align securitization and bonds with international standards
First IMF program in history for a country at war
The IMF’s Extended Fund Facility (EFF) program is the first IMF program in history granted to a country actively at war. This decision required the IMF to change its rules to allow lending to countries facing “exceptionally high uncertainty.”
The IMF program is also historic for Ukraine because it has now passed its eighth review – something never before accomplished in the country’s history.
The 48-month Extended Fund Facility (EFF), approved on March 31, 2023, gives Ukraine access to about $15.5 billion. The program is part of a broader international support package worth $152.9 billion under the baseline scenario.
“Ukraine’s IMF-supported program helps anchor policies that sustain fiscal, external, and macro-financial stability at a time of exceptionally high uncertainty. The EFF aims to support Ukraine’s economic recovery, enhance governance, and strengthen institutions with the aim of promoting long-term growth and investment,” the IMF press release says.