Why Ukraine Needs a New IMF Program: Analysis and Future Perspectives from the NBU
In the context of prolonged instability and increasing external risks, Ukraine faces a clear necessity for new, more flexible financial agreements with the International Monetary Fund.
Considering the current situation, the ninth review of the existing EFF program with the IMF scheduled for 2026 may encounter difficulties due to heightened security challenges and significant defense expenditures.
Under these circumstances, it is more advisable to pursue a long-term program in collaboration with international partners, which would create favorable conditions for sustainable economic recovery and long-term stability.
In an interview with Interfax-Ukraine, First Deputy Head of the NBU Serhii Nikolyaychuk emphasized that the strategy should focus on establishing conditions for economic revival with a strong European integration emphasis.
He also noted that the new program should ensure macroeconomic and financial stability while consolidating international support for financing the budget deficit and defense costs.
Central to this process should be close coordination with the IMF.
After the conclusion of the eighth review of the EFF in June, a decision was made to combine the ninth and tenth reviews into a single review scheduled for Q4 2025.
Kyiv anticipates a visit by the IMF mission at the end of August to assess the needs for a new program and prepare for the upcoming review, as stated by NBU Governor Julia Svyrdyenko.
Additionally, Deputy Governor Andriy Pysnyi mentioned that in the coming weeks, an IMF mission is expected to arrive in Kyiv to evaluate the country’s current needs and coordinate the terms of future cooperation.