This web page presents information about the work of the IMF in Ukraine, including the activities of the IMF Resident Representative Office. Additional information can be found on the Ukraine and IMF country page, including IMF reports and Executive Board documents that deal with Ukraine.
News and Highlights
IMF and Ukrainian Authorities Reach Staff Level Agreement on the Second Review of the Extended Fund Facility (EFF) Arrangement
November 10, 2023
Ukraine: Statement at the start of the staff mission, November 2023
November 6, 2023
IMF Resident Representative to Ukraine, Mr. Vahram Stepanyan's comments to Interfax Ukraine new agency on Ukraine's PEP and AML/CTF draft legislation
October 16, 2023
Uma Ramakrishnan, the Deputy Director of the European Department of the IMF, and Gavin Gray, the IMF mission to Ukraine, give interview to Ukraine’s New Voice (NV)
October 10, 2023
*(Photo:NV/Oleksandr Medvedev)
Ukraine: Statement at the start of the staff visit in Kyiv, October 2023
October 1, 2023
In English and Ukrainian
Ukraine: Statement at the start of the staff visit, September 2023
September 25, 2023
In English and Ukrainian
The Interview of Vahram Stepanyan, the IMF Resident Representative to Ukraine, to the news agency Ukrinform
July 09, 2023
IMF Executive Board Completes the First Review under the Extended Fund Facility (EFF) Arrangement for Ukraine
June 29, 2023
IMF and Ukrainian Authorities Reach Staff-Level Agreement on the First Review Under the Extended Fund Facility (EFF) Arrangement
May 30, 2023
In English and Ukrainian
Ukraine: Statement at the start of the mission, May 2023
May 23, 2023
In English and Ukrainian
Experts from the IMF mission to Ukraine met with the representatives of the Union of Ukrainian Entrepreneurs to discuss business environment and economic trends
May 10, 2023
In English
IMF Resident Representative in Ukraine Mr. Vahram Stepanyan's interview to Interfax Ukraine
May 1, 2023
Amid War, Ukraine Is Maintaining Macroeconomic Stability and Embarking on Reforms
April 5, 2023
Ukraine: Request for an Extended Arrangement Under the Extended Fund Facility and Review of Program Monitoring with Board Involvement; Staff Report; Letter of Intent, Memorandum of Economic and Financial Policies and Technical Memorandum of Understanding
March 31, 2023
IMF Executive Board Approves US$15.6 Billion under a New Extended Fund Facility (EFF) Arrangement for Ukraine as part of a US$115 Billion Overall Support Package
March 31, 2023
In English and Ukrainian
IMF and Ukrainian Authorities Reach Staff Level Agreement on a US$15.6 Billion Extended Fund Facility (EFF) Arrangement
March 21, 2023
In English and Ukrainian
IMF Staff Statement on Ukraine
March 15, 2023
Ukraine: Statement at the start of the mission, March 2023
March 8, 2023
In English and Ukrainian
Statement by IMF Managing Director Kristalina Georgieva at the Conclusion of Her Visit to Ukraine
February 21, 2023
In English
IMF Staff and Ukrainian Authorities Reach Staff Level Agreement on the review of Program Monitoring with Board Involvement (PMB)
February 17, 2023
Ukraine: Statement at the start of the mission
February 13, 2023
In English and Ukrainian
IMF and Ukrainian Authorities Reach Staff Level Agreement on Program Monitoring with Board Involvement
November 23, 2022
Ukraine: Statement at the start of the virtual mission
November 11, 2022
In English and Ukrainian
Ukraine: Statement at the Conclusion of an IMF Mission
October 21, 2022
In English and Ukrainian
IMF appoints the new mission chief for Ukraine
September 15, 2022
In English and Ukrainian
IMF Executive Board Approves US$ 1.4 Billion in Emergency Financing Support to Ukraine
March 9, 2022
In English and Ukrainian
The statement of Mr. Vahram Stepanyan, the IMF Resident Representative in Ukraine, on the start of the IMF mission
February 23, 2022
In English and Ukrainian
IMF Resident Representative in Ukraine Mr. Vahram Stepanyan met with members of American Chamber of Commerce in Ukraine
December 10, 2021
IMF Resident Representative in Ukraine Mr. Vahram Stepanyan's interview to Novoye Vremya Magazine
December 10, 2021
IMF Executive Board Completes First Review Under Stand-By Arrangement for Ukraine, Approves Extension of the Arrangement
November 22, 2021
IMF Team and Ukraine’s Authorities Reach Staff-Level Agreement on the First Review of the Stand-By Arrangement
October 18, 2021
In English and Ukrainian
The statement of Mr. Vahram Stepanyan, the IMF Resident Representative in Ukraine, on the start of the IMF mission
September 21, 2021
In English and Ukrainian
The International Monetary Fund has appointed Vahram Stepanyan as its Resident Representative in Ukraine
June 30, 2021
In English and Ukrainian
IMF’s Goesta Ljungman exits Ukraine, assesses last 4 years – the IMF Resident Representative’s farewell interview to Kyiv Post
June 17, 2021
Mr. Goesta Ljungman, IMF Resident Representative in Ukraine: The single most important thing to unleash Ukraine’s growth potential is to strengthen the rule of law and root out corruption
March 30, 2021
The statement of Mr. Goesta Ljungman, the IMF Resident Representative in Ukraine, on the completion of the IMF mission
February 13, 2021
The IMF’s Fiscal Affairs Department (FAD) mission worked remotely with Ukraine’s Ministry of Finance to assist with strengthening fiscal risk management: the Statement from the Ministry
January 14, 2021
The statement of Mr. Goesta Ljungman, the IMF Resident Representative in Ukraine, on the start of the IMF mission for the first review of the SBA
December 18, 2020
Ukraine: Technical Assistance Report—A Follow-Up on Distributed Profit Tax, BEPS Implementation, Voluntary Disclosure Program, and Indirect Methods for Determining Taxable Income
November 23, 2020
IMF Resident Representative in Ukraine Mr. Goesta Ljungman in his interview to Novoye Vremya Magazine: “The program assumes that the fiscal deficit will be firmly put on a downward path starting in 2021”
November 5, 2020
Central, Eastern, and Southeastern Europe After COVID-19: Securing the Recovery Through Wise Public Investment
September 28, 2020
The COVID-19 pandemic is taking a sizable toll on the outlook for Central, Eastern, and Southeastern Europe. The region is expected to contract by close to 5½ percent in 2020, erasing almost three years of economic progress. To support the recovery and improve living standards, countries could consider spending more on infrastructure, such as roads, schools, hospitals, and digital connectivity.
The IMF's Technical Assistance Mission in the field of tax policy has completed its work
Press release of Ukraine’s Ministry of Finance | July 21, 2020
IMF Resident Representative in Ukraine Mr. Goesta Ljungman in his interview to Liga Finance: “It is important that sound monetary and financial sector policies are continued under the new National Bank governor
July 9 2020
IMF Resident Representative In Ukraine Mr. Goesta Ljungman participates in the VoxUkraine’s on-line discussion on specifics of COVID-19 related government spending. June 11 2020.
The first interview of the new IMF mission chief to Ukraine: Ivanna Vladkova Hollar talks to Novoye Vremya
June 12, 2020
The IMF Resident Representative in Ukraine Talks to the Alumni Club of the Economic Journalists Program
February 12, 2020
The IMF Resident Representative Mr. Gosta Ljungman met graduates of the Excellence in Economic Journalism Program at the Kyiv School of Economics (KSE). Many of these journalists are accomplished economic reporters with strong track-records of reporting on economic and financial issues in Ukraine.
The discussion focused on how the IMF works, how IMF-supported programs are developed in close collaboration with authorities, how program conditionality works and what the various stages in Fund-supported programs are. The discussion also covered the Fund’s transparency policy and how the organization interacts with media.
The IMF Resident Representative in Ukraine, Mr. Goesta Ljungman, talks to Anriy Yanitsky, the anchor of The Capital, the economic and business program at Espresso TV
December 21, 2019
December 18, 2019
The Ukrainian Week discussed the new International Monetary Fund (IMF) program for Ukraine as well as key challenges for Ukrainian economy with the IMF Resident Representative in Ukraine
IMF Technical Mission to Ukraine
December 17, 2019
The Fiscal Affairs Department's technical mission led by Michelle Stone met in Kyiv the leadership of the parliamentary Budget committee. The team discussed with Ukraine's MPs and the Committee's staff public finance management issues pertinent to the legislature's role in the budget process, parliamentary oversight and best practices to quantify the fiscal cost of legislative proposals.
Press Release IMF Mission to Ukraine
November 12, 2019
Mr. Goesta Ljungman, the International Monetary Fund (IMF) Resident Representative in Ukraine, made the following statement today in Kyiv:
“The IMF mission, led by Mr. Ron van Rooden, will start its work in Kyiv this Thursday, November 14, 2019 to continue discussions with the authorities on the new Fund-supported program.”
Пан Йоста Люнгман, Постійний Представник Міжнародного Валютного Фонду в Україні (МВФ), зробив сьогодні у Києві наступну заяву:
“Місія МВФ на чолі з паном Роном ван Роденом розпочне свою роботу в Києві цього четверга 14 листопада 2019 р. для продовження обговорень з представниками влади стосовно нової програми, що підтримуватиметься Міжнародним Валютним Фондом.”
IMF Resident Representative visits Kyiv-Mohyla Academy
November 5, 2019
Mr. Gosta Ljungman, IMF Resident Representative in Ukraine, gave an open lecture to the students of the National University of Kyiv-Mohyla Academy. He presented an overview of the Fund as well as spoke about the policies for stability and growth in Ukraine. Students were interested in discussing the reforms that are needed to foster economic growth in Ukraine.
IMF Resident Representative in Ukraine visits the city of Poltava to witness a health care reform in action, and to meet local business community
October 29, 2019
Tired of officialdom, they strive to feel vibes of real Ukraine and to immerse into day to day activities of those who are usually hidden on the other side of figures, graphs, endless conferences and multi-paged reports.
We may also guess if actually this intention drove the International Monetary Fund Resident Representative in Ukraine, Goesta Ljungman, to venture out to Poltava. However, a glance at his packed visit testifies to a plethora of insights the envoy is interested in. Ukrinform has had a rare chance to shadow the dignitary to some of his meetings in Poltava, and has been impressed with the mixture of "act locally, think globally" demonstrated by Poltava audiences.
Statement on the Supervisory Boards of State-Owned Banks
Kyiv, August 21, 2019
Ukraine’s international partners—staff of the IMF, the World Bank and the EBRD—strongly support the governance reform of the state-owned banks, which is an essential step in improving the performance of Ukraine’s banking system and its overall economy. Key to this reform is the introduction of two-third majority independent supervisory boards, as mandated by the new Article 7 of the Law on Banks and Banking adopted by the Verkhovna Rada last year. These new supervisory boards are expected to take the lead in reforming the state-owned banks, in particular in terms of corporate governance and resolution of non-performing loans. In accordance with the new Article 7, new supervisory boards were nominated by the Cabinet of Ministers earlier this year.
Ukrainian law requires that, as the next step, the National Bank of Ukraine (NBU) formally approves nominations to supervisory boards of banks. Thus, it is the duty of the NBU to conduct a thorough and independent assessment, which includes the application of professional judgment of whether nominees to supervisory boards are qualified and meet all legal requirements. For independent supervisory board members of state-owned banks, these legal requirements as set out in Article 7 also include strict standards on independence and lack of conflicts of interest.
We support the NBU’s responsibilities in this area.
Reassessing the Role of State-Owned Enterprises in the Economy. Presentation of a Paper by the European Department of the IMF
Kyiv, June 19, 2019
On June 19, 2019 staff from the International Monetary Fund presented in Kyiv a study of the role of state-owned enterprises in Central, Eastern and South-Eastern Europe. The event took place on the premises of the Kyiv School of Economics. The study looks at the rationale for state ownership, compares the extent of such ownership in different countries, and analyses the economic impact of the state-owned enterprise and state-owned banking sectors.
The paper—which was prepared in collaboration with EBRD staff—was presented by Peter Dohlman and Christine Richmond, both from the IMF’s European Department. The discussion was moderated by the IMF Resident Representative in Ukraine Gosta Ljungman, and panelists included Oleksandra Betliy (Ministry of Finance’s Chief Economist), Hlib Vyshlynsky (Director of the Centre for Economic Strategy), Volodymyr Vakhitov (KSE), Marina Petrov (Deputy Director of EBRD’s Ukrainian Office) and Andriy Boitsun, (Corporate Governance Advisor with SAGSUR).
The paper can be found here.
See also blog by Poul Thomsen, State Ownership in Europe’s Former Socialist States: The Unfinished Reform Agenda.
The IMF Resident Representative in Ukraine Exchanges Views with Young Journalists
June 07 2019
The IMF Resident Representative Mr. Gosta Ljungman spoke to students at the journalism program at Kyiv School of Economics. The program trains young media professionals pursuing career in economics and business journalism. The dialogue covered IMF’s activities and institutional mandate, its engagement with Ukraine and the Fund’s media relations. The IMF Resident Representative website was featured as an example of a platform that facilitates communication with public and media, and serves as a repository of information on the Fund’s relations with Ukraine.
“The business environment can never be truly sound if corruption is allowed”. The interview of the IMF Resident Representative in Ukraine, Mr. Goesta Ljungman, to the Financial Club
February 12 2019
In Ukrainian
In Russian
IMF Resident Representative in Ukraine Meets with Graduates from Kyiv School of Economics’ Journalist Program
On January 24, 2019, Gosta Ljungman met with graduates from Kyiv School of Economics’ Journalist Program. Ljungman presented the organization and work of the IMF, and the various types of engagement the IMF has with Ukraine. He discussed the IMF’s assessment of the Ukrainian economy and reform priorities to ensure stability, growth and improved living standards for the population. Ljungman stressed the importance of media in promoting an active and well-informed public debate about economic issues, and gave an overview of the various support the IMF gives to journalistic development. The IMF sought to be as open and transparent as possible, engaging with media in a variety of different forms. Ljungman also shared his personal experience with Ukrainian media—pointing out some risks in the modern fast-paced media climate. Overall, he was impressed with the quality and integrity of economic reporting in Ukraine.
IMF Resident Representative in Ukraine Visits the City of Vinnytsia
On December 7, 2018, the IMF Resident Representative in Ukraine Mr. Gosta Ljungman visited the city of Vinnytsia. During the visit, he met the oblast and city management, the staff of the local district heating company and representatives of business community. The issues discussed during these meetings included the impact of medium term budgeting on municipal finance, and the adjustment of heating tariffs to reflect the recent revision of gas prices. Mr. Ljungman also delivered an open lecture to economics students at universities located in Vinnytsya on the Role of the IMF, and its work in Ukraine. The lecture was followed by an intensive Q&A session, where students inquired about the IMF’s work on reducing income inequality, promotion of growth, and policies to support small and medium-sized business.
IMF Resident Representative in Ukraine visits Bila Tserkva - November 30, 2018
The IMF Resident Representative in Ukraine Gösta Ljungman, together with a team from the IMF’s Fiscal Affairs Department, visited the city of Bila Tserkva in Kyiv Oblast on November 30th. The mission met Mayor Hennadyj Dykyj, his deputy Inna Novohrebelska and CFO Svitlana Tereschuk. The discussion centered on fiscal decentralization, medium-term budget frameworks at the subnational level, performance-based budgeting and policies for utility tariffs.
IMF Resident Representative Gosta Ljungman visits Kyiv-Mohyla University as a guest lecturer. November 20 2018
Mr. Gosta Ljungman, IMF Resident Representative in Ukraine, gave an open lecture to the students of the Economic Department of Kyiv-Mohyla National University. He spoke about the history of the Fund, its composition and organizational structure, types of assistance the organization is providing to its members and, of course, about IMF-supported programs with Ukraine.
On November 13, 2018, IMF Resident Representative Gosta Ljungman presented the latest update of the European Regional Economic Outlook to Ukraine’s economic journalists.
In his presentation, Ljungman pointed out that while economic activity in Europe continued to expand in the first half of 2018, it did so at a slower-than-expected pace. The external environment is becoming less supportive, and is expected to soften even further in 2019, due to slowing global demand, trade tensions and higher energy prices. However, with average growth of 2.3 percent in 2018 and 1.9 percent in 2019, output is above its potential in most European countries. Ljungman also pointed out that risks have increased, including from escalating trade tensions and tightening global financial conditions. He also drew attention to the need to accelerate structural reforms, address demographic challenges and reverse increasing inequalities. Ljungman also discussed policy priorities for different groups of countries. Where there are significant vulnerabilities, countries should focus on reducing public debt and build fiscal buffers to ensure that they have policy space to cope with future down-turns. In contrast, countries with fiscal space and stronger-than-warranted external positions should increase public investment to lift the potential of their economies. Throughout his presentation, Ljungman highlighted the economic outlook of Ukraine, and the specific challenges facing policy makers.
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The Interview of Vahram Stepanyan, the IMF Resident Representative to Ukraine, to the news agency Ukrinform
July 9, 2023
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Mr. Vahram Stepanyan, the International Monetary Fund (IMF) Resident Representative to Ukraine, made the following statement today: “An IMF mission, led by Gavin Gray, starts policy discussions today with the Ukrainian authorities to prepare for the review of Program Monitoring with Board Involvement (PMB).”
February 13, 2023
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In 2016 Ukraine’s international partners supported the decision of the government and the National Bank of Ukraine (NBU) to nationalize PrivatBank, as the only effective method of protecting the bank’s depositors – the Ukrainian people and businesses – and the stability of the financial system. While this required the injection of about UAH 160 billion in Ukrainian taxpayer funds to restore the bank’s solvency, it secured PrivatBank’s long-term viability, safeguarded the money of millions of Ukrainian citizens, and strengthened the country’s economic health. In light of this, we welcome the reform of PrivatBank’s corporate governance, led by an independent Supervisory Board, and the transformation of its business model, which has already resulted in stronger performance and sustainability of the entire banking system. We continue to support the efforts of the NBU to reform Ukraine’s financial sector, including by introducing prudent corporate governance principles, and the Ministry of Finance’s efforts to reform corporate governance in state-owned banks. It is important that the authorities continue their efforts to recover losses from former owners and related parties of failed banks. Ukraine’s international partners will be closely monitoring developments in this area.
April 19, 2019
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“У 2016 році міжнародні партнери України підтримали рішення уряду та Національного Банку України (НБУ) націоналізувати Приватбанк, оскільки це був єдиний ефективний засіб захистити вкладників банку – українських фізичних і юридичних осіб – і стабільність фінансової системи. І хоча це рішення потребувало 160 мільярдів гривень українських платників податків на відновлення платоспроможності банку, воно забезпечило життєздатність Приватбанку на довгу перспективу, врятувало кошти мільйонів українських громадян і зміцнило економічне самопочуття країни. З огляду на такі результати, ми вітаємо реформу корпоративного врядування Приватбанку, що її очолює незалежна Наглядова Рада, і трансформацію бізнес-моделі банку, що вже позитивно позначилася на показниках та стійкості банківської систему в цілому. Ми продовжуємо підтримувати зусилля НБУ з реформування фінансового сектору України, включно із запровадженням принципів пруденційного корпоративного врядування, так само як і зусилля Міністерства фінансів, спрямовані на реформування корпоративного врядування у державних банках. Важливо, щоби влада продовжувала свої зусилля щодо відшкодування втрат колишніми власниками та пов’язаними особами проблемних банків. Міжнародні партнери України ретельно відстежуватимуть події в цій сфері”.
April 19, 2019
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January 30, 2019
Ukraine and the IMF
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November 10, 2023
The International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff-level agreement (SLA) on an updated set of economic and financial policies for the second review of the 4-year Extended Fund Facility (EFF) Arrangement. The SLA is subject to approval by the IMF Executive Board.
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IMF Managing Director Kristalina Georgieva Issues a Call for Action on Inclusive Growth in MENA
October 15, 2023
Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following “Call for Action” today following her meeting with ministers of finance and central bank governors of the Middle East and North Africa (MENA) and Pakistan during the World Bank-IMF Annual Meetings held in Marrakech.
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EUROPEAN DEPARTMENT PRESS BRIEFING: ECONOMIC OUTLOOK IN EUROPE
October 13, 2023
Europe has weathered indeed well a series of unprecedented shocks, the pandemic, and then the energy crisis, which was triggered by Russia's invasion of Ukraine. What we also saw was that severe downside scenarios were avoided, and I would say this is a big accomplishment. Comparing that when we worked together in last October and the situation looked much different from today.
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Transcript of IMF Managing Director's Press Briefing on the Global Policy Agenda
October 12, 2023
Good morning, everyone. It is a pleasure to be here with you this morning. My name is Julie Kozack. Salaam alaykum. Thank you for joining us this morning for the Managing Director’s Press Briefing on the Global Policy Agenda for the 2023 Annual Meetings. We will begin with Managing Director Kristalina Georgieva’s opening remarks, and then we will turn to your questions. Kristalina, the floor is yours.
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Regional Economic Outlook for the Middle East and Central Asia, October 2023
October 12, 2023
Regional Economic Outlook
November 8, 2023
Restoring Price Stability and Securing Strong and Green GrowthEurope is at a turning point. After last year’s crippling energy price shock caused by Russia’s invasion of Ukraine, Europe faces the difficult task of restoring price stability now while securing strong and green growth in the medium term. Economic activity has started to cool and inflation to fall as a result of monetary policy action, phasing-out supply shocks, and falling energy prices. Sustained wage growth could, however, delay achieving price stability by 2025. Failing to tackle inflation now will risk additional growth damage in a world exposed to structural shocks from fragmentation and climate change. These global headwinds add to Europe’s long-standing productivity and convergence problems. To lift Europe’s potential for strong and green growth, countries need to remove obstacles to economic dynamism and upgrade infrastructure. This will strengthen business-friendly conditions and investment. Cooperation at the European level and with international partners will position Europe as a leader in the climate transition and support economic stability across the continent.
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