IMF Staff Country Reports

Ukraine: Eighth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine

June 30, 2025

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Format: Chicago

International Monetary Fund. European Dept. "Ukraine: Eighth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine", IMF Staff Country Reports 2025, 156 (2025), accessed July 1, 2025, https://doi.org/10.5089/9798229014861.002

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Summary

Over three years of Russia’s war in Ukraine have taken a staggering social, humanitarian, and economic toll. Despite efforts for a ceasefire, the evolution of the war remains subject to exceptionally high uncertainty. Nevertheless, the authorities’ commitment to reforms and fulfillment of all necessary Fund policies support completion of the review. First, despite some structural reform delays, the authorities have met all quantitative conditionality for this review and remain committed to the overall program objectives of restoring sustainability. Second, the program remains fully financed. Looking ahead, despite the authorities’ program implementation and the large-scale external support, the program has limited space to absorb any further shocks, including from a more prolonged and intense war, while achieving the restoration of external viability by the end of the program.

Subject: Budget planning and preparation, Debt sustainability, Exchange rates, Expenditure, External debt, Financial institutions, Financial sector policy and analysis, Financial sector stability, Foreign exchange, Loans, Public debt, Public financial management (PFM), Revenue administration

Keywords: Budget planning and preparation, Debt sustainability, Exchange rates, Financial sector stability, Loans

Publication Details

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