National Bank expects IMF mission in coming weeks to discuss possible new program

An International Monetary Fund (IMF) mission will visit Ukraine in the coming weeks to discuss the possibility and feasibility of a new program in the context of the protracted war unleashed by Russia, said Andriy Pyshnyy, governor of the National Bank of Ukraine (NBU).

"The IMF mission will arrive in the coming weeks, and it will be decided whether a new program is needed or whether we are preparing for the 9th-10th review [of the current program] for November-December this year. The current program provides for the end of the war by 2026," he told reporters.

Pyshnyy noted that much in this discussion will depend on the progress of negotiations on the possibility of establishing a long-term peace.

According to him, the mission should identify the financing gap and ways to close it.

The NBU governor once again emphasized that the IMF program is the "keystone" of Ukraine's overall international financial support. He recalled that since the approval of the four-year program in March 2023, the total amount of external financing within its framework with the participation of international partners has been increased by $15.6 billion from $115 billion to $153 billion in the basic version and from $140 billion to $165 billion in the negative version.

According to Pyshnyy, the postponement of the 9th review of the EFF program from September to December and its combination with the 10th review indicates that the IMF also thought about the potential possibility of a new program.

The National Bank governor noted that in order to make a positive decision in these negotiations, Ukraine will need to work hard.

"If we are unsuccessful, it will be difficult," he believes.

As reported following the results of the 8th review of the EFF Extended Fund Facility with the IMF at the end of June, the 9th and 10th reviews, which were scheduled for the end of August and the beginning of December of this year, respectively, have been merged into a single 9th review, which is currently scheduled for the fourth quarter of 2025.