IMF Sets the ‘Entry Ticket’: What Ukraine Must Do to Secure the New $8.2 Billion Program

Ukraine has received a clear list of conditions from the International Monetary Fund that must be met to launch a new large-scale support program. This concerns the four-year Stand-By program agreed in November, amounting to $8.2 billion.

What Conditions Did the Fund Set?

IMF Spokesperson Julie Kozack stated that before the new program is considered by the Fund’s Executive Board, Ukraine must complete a number of prior actions. According to a report by RBC-Ukraine, the key conditions are:

• Implementation of measures to broaden the tax base and close customs loopholes. This includes abolishing certain VAT exemptions and introducing taxation of income from digital platforms.
• Securing financing assurances from official creditors. This is necessary to confirm international support and the sustainability of Ukraine’s financial program.

“Before the IMF executive board considers the agreement… Kyiv will have to complete a number of conditions,”

— Kozack was quoted by Reuters.

Why Is the New Program Critically Important?

As previously reported, the IMF program is not just about money. Its goals are to maintain macroeconomic stability, restore debt sustainability, and continue institutional reforms, including anti-corruption efforts and improving governance.

“The new program will allow for financing critical expenditures, preserving macro-financial stability, and attracting additional external support,”

— noted Prime Minister Yuliia Svyrydenko.

What Does This Mean for Business and the Economy?

For the business community, meeting the IMF conditions is a signal about the authorities’ future course. Reforms in the tax and customs spheres, while potentially posing short-term challenges for certain business models, aim to create more transparent and fair rules of the game in the long run.

The successful launch of the program is also a key beacon for other international donors and investors. It confirms the leading financial institution’s trust in Ukraine’s economic course and opens access to concomitant financing. Given the high budget burden, this is one of the main tools to support the hryvnia and the financial system as a whole. The stability provided by the IMF program is a cornerstone for planning long-term investments, including for Ukrainian businesses focused on export and modernization. This step is particularly crucial for attracting private investment needed for post-war reconstruction.

Now, the focus will be on the Verkhovna Rada, which must adopt the 2026 budget in accordance with the program’s requirements, and on the government to promptly submit draft laws on tax and customs changes.