Ukraine, in collaboration with the International Monetary Fund, is working on creating a new credit program that will replace the existing agreement. Currently, the National Bank of Ukraine is actively participating in negotiations regarding the updated financial support, as reported by the head of the NBU, Andriy Pyshny.
This is reported by Finway
The need for a change in the cooperation program
The current IMF program for Ukraine, designed for the period from 2023 to 2027, provides for the allocation of $15.6 billion in credit funds from the fund and about $150 billion from international partners. A significant portion of this program was aimed at supporting the post-war reconstruction of the country. However, due to the escalation of hostilities and continuous attacks by the Russian Federation on Ukraine’s civilian infrastructure, the existing structure of the program no longer aligns with current realities.
“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 today’s needs,”
Government plans for a new program
Prime Minister Yulia Svyrydenko emphasized the necessity of a new credit program for Ukraine in July. She noted that if events unfold according to the baseline scenario and the war continues into the next year, the country will likely begin cooperation with the IMF within a new format. Thus, the Ukrainian authorities are already preparing to adapt financial support in accordance with current challenges.