Ukraine has secured a $500 million loan from the International Monetary Fund (IMF), marking the ninth tranche under its Extended Fund Facility (EFF) program. The Ministry of Finance announced the funding in a press release on July 1, highlighting that the program has now delivered $10.6 billion to Ukraine since its launch in 2023. The EFF program, which allocated $15.5 billion in budget support over a four-year period, has now provided $10.6 billion in financial assistance to the country. Finance Minister Serhii Marchenko stated that in total, Ukraine has received $13.3 billion in financial assistance from the IMF during the full-scale war.
The IMF has maintained its 2025 growth forecast for Ukraine at 2-3%, as improved electricity supply balances reduced gas output and weaker agricultural exports. According to the IMF, Ukraine successfully met all quantitative performance criteria through March 2025, including submitting a detailed reform plan for the State Customs Service (SCS). However, the Fund extended deadlines for several reforms, including appointing a new customs chief, and urged continued anti-corruption efforts, such as appointing a new head of the Economic Security Bureau and strengthening money laundering rules.
First Deputy Managing Director of the IMF, Gita Gopinath, warned Ukraine’s central bank to maintain tight monetary policy to control inflation, which is projected to reach 9% by year-end. She also advised the nation to be prepared for further tightening if inflationary expectations worsen, noting that the economy has remained resilient but the war is weighing on the outlook. The IMF highlighted that growth is tempered by labor market strains and damage to energy infrastructure. The next program review is scheduled for mid-September 2025, with an IMF mission expected to visit Ukraine in August to assess progress on reform commitments.
The international body expects inflation to reach 9% by the end of the year and recommended that Ukraine’s central bank maintain a tight monetary policy. The IMF’s continued support comes as the war in Ukraine continues, with the country facing ongoing economic and political challenges. Despite these difficulties, the IMF’s confidence in Ukraine’s ability to meet its financial obligations and implement necessary reforms suggests a cautiously optimistic outlook for the country’s economic trajectory.