Current IMF Program for Ukraine No Longer Fits Wartime Needs
Andriy Pyshnyy, head of the National Bank of Ukraine, argues that the current cooperation program with the International Monetary Fund (IMF) needs to be revised, as its initial priorities no longer correspond to the realities of wartime.
The Gaze reports on it, referring to Ukrinform, citing the interview in RBC-Ukraine.
The current cooperation program with the International Monetary Fund, designed to run until 2027, provided for a set of measures, including in the area of Ukraine's post-war recovery. However, the focus on reconstruction proved somewhat premature, as the full-scale war continues and the situation requires adjustments to priorities and approaches.
The newly appointed Ukrainian Prime Minister, Yulia Svyrydenko, has indicated that she might pursue additional financial support from the IMF to help address the country's fiscal challenges during the ongoing war with Russia.
Andriy Pyshnyy said that the National Bank is actively participating in these negotiations and is currently at the very center of the process. According to him, the basic position and key directions of a possible new program, potentially replacing the current one, are now being formed.
“Ukraine, its civilian infrastructure, and its population are increasingly and intensively exposed to shelling. As a result, the format of the current program no longer fully meets today's needs. So we have already started thinking about a new program,” Pyshnyy stated.
According to the head of the National Bank of Ukraine, the current program with the IMF is considered successful for both Ukraine and the Fund itself. He emphasized that, despite the full-scale war, eight productive reviews were conducted, demonstrating the effectiveness of the cooperation.
Pyshnyy also noted the unprecedented level of cooperation with the IMF. “The intensity of our interaction with the IMF is probably record-breaking—a new review of the program every three months,” he stressed.
As The Gaze previously reported, Ukraine faces a growing financial gap for 2026–2027, with only a fraction of promised foreign aid secured and concerns rising over unmet reform commitments.