First IMF program review scheduled for June – Finance Ministry

The first review of Ukraine’s program with the International Monetary Fund (IMF) is scheduled for June 2026. If successful, Ukraine will receive USD 686 million (SDR 503 million).

The Ministry of Finance reported this following a series of meetings held during the IMF and World Bank Spring Meetings, according to Ukrinform.

The Ministry noted that Finance Minister Sergii Marchenko and his team focused discussions on mobilizing financial resources for 2026 and advancing structural reforms. Meetings were held with the World Bank, IMF, and the U.S. Department of the Treasury.

With Antonella Bassani, World Bank Vice President for Europe and Central Asia, Marchenko reviewed 2025 results: 27 projects worth USD 34.5 billion were implemented, and 13 new agreements signed.  The portfolio of new projects exceeded USD 1.1 billion, financing road and bridge recovery and project documentation.

For 2026, priorities include mobilizing resources to support budget stability and implementing reforms under the Development Policy Operation (DPO). Draft legislation is required to secure further financing tranches in Q2.

In talks with IMF European Department Director Alfred Kammer and IMF Mission Chief for Ukraine Gavin Gray, the Ministry discussed progress under the Extended Fund Facility (EFF). “The first program review is scheduled for June 2026, and upon its successful completion Ukraine will receive the next tranche of USD 686 million (SDR 503 million),” the Ministry emphasized.

Discussions with Francis Brooke, Under Secretary for International Affairs at the U.S. Department of the Treasury, focused on Ukraine’s external financing needs. Joint IMF-government estimates put the overall deficit for 2026–2029 at about USD 136.5 billion, with USD 52 billion required in 2026 alone to maintain macroeconomic stability and restore critical infrastructure.

Separately, National Bank of Ukraine Governor Andriy Pyshnyy and his deputies held meetings with IMF, World Bank, and Citibank representatives. Topics included cooperation with the IMF, external financing risks, macroeconomic forecasts, financial sector resilience, and capital market development.

The NBU stressed that the IMF program remains a key pillar of Ukraine’s macro-financial stability amid high uncertainty and a foundation for broader international support.

As reported earlier, the IMF Executive Board on February 26 approved a new four-year Extended Fund Facility for Ukraine worth USD 8.1 billion. The first tranche of USD 1.5 billion was disbursed on March 3.

Photo credit: Finance Ministry