Ukraine and the IMF Discuss a New Credit Program to Support the Economy

This is reported by AgroReview

Ukraine and the International Monetary Fund are actively working on creating a new credit program that will replace the current agreement. This was announced by the head of the National Bank of Ukraine, Andriy Pyshny, who emphasized that an intensive negotiation process is currently underway to define the framework and main areas of cooperation.

Current IMF Program: Challenges and Changes

Ukraine is currently in the midst of implementing the existing program with the IMF, which ends in 2027. Its main focus was on rebuilding the country after the war. However, as noted by the leadership of the NBU, the current conditions increasingly require a reassessment of approaches to cooperation with international financial institutions.

“The actions of the Russians do not indicate a desire to end the war. Ukraine, its civilian infrastructure, and its population are increasingly and intensively subjected to shelling. As a result, the format of the current program no longer fully meets the needs of today,”

– emphasized Andriy Pyshny, noting that the situation at the front and the growing destruction are affecting the economic needs of the state.

Plans for a New Cooperation Program

The current IMF credit program, which is set for 2023–2027, provides for the allocation of $15.6 billion to Ukraine from the fund itself, as well as about $150 billion from international partners. At the same time, the government is already preparing for new agreements.

Prime Minister Yulia Svyrydenko emphasized back in July the necessity of a new credit program for Ukraine. She noted that if the war continues next year, the country is likely to receive new support from the IMF to address the consequences of hostilities and ensure economic stability.