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Ukraine Reaffirms Reforms as IMF Begins First Review of $8.1 Billion Program

IMF officials said future support will be linked to measurable progress on fiscal rules, anti-corruption steps, and widening the tax base.

Overview

  • On Wednesday, June 3, Office of the President head Kyrylo Budanov met the IMF mission led by Gavin Gray and publicly confirmed Ukraine's commitment to continuing structural reforms.
  • The IMF mission, which began on May 27 to carry out the first review of a four-year Extended Fund Facility worth $8.1 billion, said it stands ready to provide ongoing systemic support if constructive progress is shown.
  • Deputy head of the President's Office Iryna Mudra briefed the mission on anti-corruption measures and stressed that meeting IMF program obligations is a government priority.
  • Ukraine received the program’s first tranche in March after IMF executive board approval in February, and the current review will determine the timing and size of any further disbursements.
  • Prime Minister Yuliia Svyrydenko told the IMF team the government and parliament are working on budget changes that will reflect defense, energy, and social needs and that successful reforms could boost reconstruction funding and investor confidence.