IMF: New EFF program for Ukraine possible in February if prior actions met

“We do not currently have a date for an Executive Board meeting… We hope that we will potentially be able to hold an Executive Board meeting in February,” she said.

Kozack explained that the European Council’s agreement to provide Ukraine with €90 billion ($105 billion) in financial support over 2026 and 2027 marks an important milestone toward closing Ukraine’s financing gap, estimated at $63 billion in 2026–2027 and $136.5 billion over the program period from 2026 to 2029, as well as restoring debt sustainability.

“We are in the final stage of discussions with international donors as they seek to secure all necessary financing assurances,” she said of the progress on this prior action.

On Ukraine’s implementation of prior actions, Kozack noted that only one measure has been completed so far — adoption of the 2026 state budget.

“Other actions include broadening the tax base through legislation on taxing income received through digital platforms, closing customs loopholes for consumer goods, and restoring and canceling VAT exemptions,” the IMF communications director added.

“Therefore, swift action by the Ukrainian authorities to complete these and other prior measures will be critical to maintaining reform momentum and supporting Ukraine in mobilizing financing for its substantial needs.”

According to her, one purpose of IMF Managing Director Kristalina Georgieva’s visit to Kyiv on Jan. 15 is to underscore the importance of sustaining reform momentum in Ukraine and the Fund’s support for that effort.

During the visit, Georgieva scheduled meetings with President Volodymyr Zelenskyy, Prime Minister Yulia Svyrydenko, Finance Minister Sergii Marchenko and National Bank of Ukraine Governor Andriy Pyshnyy, as well as with several representatives of the private sector.

“She wants to understand the key issues as they are seen on the ground. So having these discussions will be very important for her,” said Kozack.

This is the first visit by the Fund’s managing director to Kyiv since February 2023, when discussions on the previous cooperation program were also underway.

As previously reported, a four-year EFF program with the IMF worth $15.6 billion has been in place since March 2023. The next, ninth tranche of SDR 1.117 billion (about $1.6 billion at current exchange rates) was scheduled for December 2025.