The IMF is waiting for reforms: what Ukraine needs to do to get $8.2 billion

4 December 2025 23:59

The International Monetary Fund is studying Ukraine’s proposal to exchange GDP warrants for bonds worth $2.6 billion and is awaiting investors’ reactions. This was stated by IMF spokeswoman Julie Kozak during a regular briefing, "Komersant Ukrainian" reports citing Reuters.

The new $8.2 billion program is to replace the current $15.6 billion EFF agreement, which expired in 2023. It should ensure the country’s macro-financial stability and support the budget, which continues to be under pressure from the war.

What are the IMF’s conditions?

According to Kozak, Ukraine has to fulfill a list of actions required for the IMF Board of Directors to consider the agreement:

1. Expanding the tax base

The IMF expects decisions to be made that will increase budget revenues in the medium term. First of all, it is about:

revision of privileges,
strengthening tax administration,
reform of the fee system.

2. Eliminating customs loopholes

The Fund demands to close the schemes that allow avoiding customs duties. This is a critical step, as customs revenues form a significant share of budget revenues.

3. Funding guarantees from partners

Before the program is approved, Ukraine must receive confirmation of financial support from international lenders and donors, including the EU and other partners.

4. Debt sustainability and restructuring

The IMF is carefully studying Ukraine’s proposal to exchange GDP warrants for bonds. Any arrangements must meet debt sustainability criteria.

What does the new program mean?

The new four-year IMF program worth $8.2 billion:

is a continuation of cooperation with the Fund during the war;
is aimed at financial stability, energy sustainability and budget support;
will be the basis for further assistance from the EU and partner countries.

The European Union has already stated that its financial support is directly linked to the IMF’s decision. But, according to European officials, there are no final agreements yet, as some EU financial institutions express reservations.

Replacing the EFF program

Last week, Ukraine and the IMF announced a staff-level agreement on a new program. It will replace the current EFF agreement, which expires in March 2023, and will adapt the terms of support to the changed realities of the war economy.

The program should help to