IMF has set new requirements for further support to Ukraine

On October 18, the International Monetary Fund (IMF) updated the memorandum on economic and financial policy within the framework of the fifth review of the credit program.

By the end of December 2024, Ukraine must adopt a law on restarting the Accounting Chamber, adopt amendments to the law on law-making activities to ensure the functional independence of the NCRECP, and form a full supervisory board of “Ukrenergo”.

One task was given to the National Bank — to assess the key financial and operational risks for financial stability under various scenarios and to prepare contingency plans by the end of October.

IMF also postponed two previously established beacons, in particular the NABU audit (postponed from the end of September 2024 to the end of January 2025) and changes to the Criminal Procedure Code regarding the expiry of pre-trial investigation periods (postponed from the end of October to the end of December 2024).

Among the new lighthouses in the list are the following:

• adoption of amendments to the Budget Code in accordance with the State Investment Management Action Plan (by the end of January 2025);
• appointment of the new chairman of the Bureau of Economic Security, selected in a competition (end of February 2025);
• approval of the methodology for evaluating state investment projects (end of February 2025);
• registration of the draft law on tax reporting for operators of digital platforms, i.e. online services offering taxi services, real estate rental, marketplaces, etc. (end of April 2025);
• appointment of the head of the State Customs Service and permanent heads of all regional customs offices (end of June 2025);
• submission of the budget declaration for 2026-2028 in accordance with the parameters of the program (end of June 2025).

Aid from IMF

On October 18, 2024, the Board of Directors of the International Monetary Fund approved the fifth revision of the Extended Fund Facility (EFF) for Ukraine. This means almost $1.1 billion in direct budget funding.

The Extended Fund Facility (EFF) for Ukraine from IMF is effective from 2023 and is designed for four years — until 2027. The total amount of the program is $15.6 billion. EFF is part of Ukraineʼs international support package, which currently amounts to approximately $122 billion.

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