Ukraine and the IMF are developing a new credit program because the current one no longer meets Ukraine’s needs.

Ukraine, along with the IMF, is shaping the framework and direction of this new program, which may replace the existing one. The NBU is in the middle of negotiations, said Andriy Pyshny, chairman of the National Bank of Ukraine. He noted that the current program with the IMF ends in 2027, with a large focus on post-war reconstruction.

“The actions of the Russians do not indicate a desire to end the war. Ukraine, its civilian infrastructure and population are increasingly and more intensely exposed to shelling. As a result, the format of the current program no longer fully meets the needs of today”, the NBU Chairman explained.

The IMF program with Ukraine for 2023-2027 allocates $15.6B from the fund and about $150B from partners. Prime Minister Yulia Svyrydenko also mentioned in July that Ukraine needs a new program. “If the baseline scenario assumes that the war continues next year, it is quite likely that we will have a new program with the IMF”, she said.