On 26 February 2026, the Executive Board of the International Monetary Fund approved a new four-year arrangement for Ukraine under the Extended Fund Facility (EFF) in the amount of SDR 5.9 billion (approximately USD 8.1 billion).
The IMF Executive Board’s decision unlocks the immediate disbursement of SDR 1.1 billion (or USD 1.5 billion). In total, Ukraine is expected to receive four purchases under the arrangement this year, amounting to SDR 2.8 billion (approximately USD 3.8 billion). The IMF-supported program forms part of a comprehensive international support package for Ukraine totaling USD 136.5 billion.
The new arrangement builds on the achievements of the 2023 EFF program. At the same time, it takes into account the challenges associated with a protracted war and focuses on anchoring macroeconomic and financial stability and further advancing structural reforms, including in the area of governance, with a view to securing a robust post-war recovery and supporting Ukraine’s path toward EU accession.
In its press release, the IMF noted that the new EFF arrangement is expected to mobilize large-scale concessional financing from Ukraine’s international donors and partners, helping address balance of payments needs, achieve medium-term external viability, and restore debt sustainability under both baseline and downside scenarios.
Program performance will be assessed through regular reviews and will be guided by clearly defined quantitative performance criteria and structural benchmarks. In case of successful peace negotiations, the program will be promptly recalibrated.
Macroeconomic priorities under the program include:
- implementing prudent fiscal policy, with measures to boost revenue mobilization by leveling the playing field and reducing tax evasion and avoidance
- anchoring price stability and guarding against external imbalances, including through increased exchange rate flexibility, and
- safeguarding financial sector stability.
The authorities are also committed to implementing ambitious structural reforms to secure robust post-war recovery and reconstruction and their EU accession goal. These include strengthening fiscal institutions and tax administration, enhancing governance and anti-corruption frameworks, developing the financial and capital market infrastructure for post-war reconstruction supported by private credit growth, and promoting a market-based economy.
The USD 136.5 billion financing gap over the four-year program period is expected to be closed through committed debt support and flow relief from debt operations. In 2026, the USD 52 billion gap is expected to be filled through disbursements under EU facilities, the G7’s ERA financing, bilateral support, as well as the newly approved IMF-supported program. The Group of Creditors of Ukraine, which holds the majority of Ukraine’s official bilateral debt has committed to extend the current debt standstill and complete a definitive debt treatment after the resolution of exceptionally high uncertainty.
"Cooperation with the IMF is the cornerstone of international support, helping to consolidate external financing. At the same time, the new IMF program is an evidence of the international community’s confidence in Ukraine’s economic policy and its ability to maintain macroeconomic and financial stability despite exceptionally high uncertainty. The program creates the conditions necessary to restore external economic stability, address the challenges posed by the ongoing war, and lay the groundwork for post-war reconstruction under any scenario. It reaffirms Ukraine’s unwavering commitment to deep, systemic reforms, strong governance, and European integration - a course that remains steadfast even in times of war. I am grateful to our partners for their support and trust," said NBU Governor Andriy Pyshnyy.
"Ukraine and its people have weathered a long and devastating war for over four years with remarkable resilience. Through skillful policymaking, supported by the 2023 EFF and exceptional financial assistance from international partners, the authorities have maintained overall macroeconomic and financial stability, achieved progress on domestic revenue mobilization, and advanced some critical reforms.
The new EFF arrangement aims to preserve the hard-won macroeconomic and financial stability as well as to extend and deepen structural reforms as the war continues. This will resolve Ukraine’s balance of payments problem and restore medium-term external viability, ensure strong prospects for reconstruction and growth in the post-war period, and facilitate Ukraine’s path to EU accession.
Risks to the EFF arrangement are exceptionally high. The success of the program will depend not only on continued support by the international community to help close fiscal and external financing gaps and restore debt sustainability, but also the authorities’ steadfast determination in implementing ambitious structural reforms and readiness to undertake additional measures if needed," said Kristalina Georgieva, Managing Director of the IMF.
The decision of the IMF Executive Board to approve the new Extended Fund Facility program was preceded by a Staff-Level Agreement (SLA) reached on 26 November 2026.