IMF Staff Country Reports

This paper presents Ukraine’s 2023 Article IV Consultation, Second Review under the Extended Arrangement under the Extended Fund Facility (EFF), and Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion. The authorities have made strong progress toward their EFF commitments under challenging conditions, meeting all applicable quantitative performance criteria through end-June and indicative targets through end-September and the majority of structural benchmarks through end-October. The Ukrainian economy continues to show remarkable resilience, although the outlook remains subject to exceptionally high war-related uncertainty. Continued strong ownership and reform momentum—including domestic revenue mobilization combined with timely and predictable external financing—are necessary to safeguard macroeconomic stability, enhance institutional reforms, and support reconstruction efforts, while facilitating a green recovery on the path to EU accession. Well-managed post-war reconstruction coupled with decisive reforms in the context of the path to EU accession could stimulate the return of migrants and investment flows needed for a sustained, resilient and green recovery, bolstering Ukraine’s broader development goals.