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 August 2, 2025, https://doi.org/10.5089/9798229014861.002

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Summary

This paper presents Ukraine’s Eighth Review under the Extended Arrangement under the Extended Fund Facility, Requests for Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review. Ukraine’s economy remains resilient, and the authorities met all end-March and continuous quantitative performance criteria, the prior action, and two structural benchmarks for the review. Despite the challenges, progressing with domestic revenue mobilization, strengthening the investment climate, improving governance, and completing the debt restructuring strategy are necessary to restore fiscal and debt sustainability and support growth. The full and timely disbursement of external support during the program period remains indispensable for macroeconomic stability. Sustained progress in anticorruption and governance reforms remains crucial. Maintaining a tight monetary stance to tackle still-elevated inflation and ensuring inflation expectations remain anchored while fostering greater flexibility in the exchange rate to enable it to play a shock-absorbing role, help prevent external imbalances, and safeguard reserves.

Subject: Budget planning and preparation, Debt sustainability, Expenditure, External debt, Inflation, Prices, Public financial management (PFM)

Keywords: Action plan for customs reform, Budget declaration, Budget planning and preparation, Debt sustainability, Draft medium-term action plan, Draft plan, Europe, Inflation, Staff appraisal

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