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The International Monetary Fund (IMF) approved the first review of Ukraine's 48-month Extended Fund Facility (EFF) on Monday, clearing the way for an immediate disbursement of about $690 million as the country continues to cope with the economic toll of Russia's war.
The IMF Executive Board authorized the release of 503 million Special Drawing Rights (SDRs), bringing total disbursements under the program to roughly 1.6 billion SDRs, or about $2.2 billion.
The board also completed its 2026 Article IV consultation, which examined Ukraine's economic policies and reform agenda as it pursues closer integration with the European Union.
The IMF described Ukraine's overall performance under the program as broadly satisfactory. All quantitative performance targets for the end of March were met, although progress on several structural reforms slipped behind schedule.
The fund also noted that Ukraine missed its end-June target for net international reserves, partly because of spillover effects from the conflict in the Middle East.
Ukrainian authorities agreed to corrective measures and updated timelines for key reforms while reaffirming commitments on fiscal policy, governance, anti-corruption efforts, the energy sector and financial system reforms.
"Ukraine continues to demonstrate remarkable resilience in the face of Russia's devastating war," IMF Managing Director Kristalina Georgieva said after the board meeting.
"Sound policies, anchored by the Fund-supported program, together with strong international support, have helped preserve macroeconomic and financial stability under exceptionally difficult circumstances," she added.
Georgieva stressed that maintaining macroeconomic stability remains the immediate priority, while calling for faster implementation of reforms to strengthen governance, improve the investment climate, deepen financial markets and support Ukraine's long-term recovery and EU accession.
The IMF said the program remains fully financed under both its baseline and downside scenarios, supported by commitments from international partners including the European Commission, the Group of Seven and bilateral donors.
It also emphasized that predictable external financing will remain essential to preserving macroeconomic stability, restoring debt sustainability and supporting Ukraine's reconstruction after the war.
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