Ukraine receives $400 million tranche from IMF

Ukraine has received the latest installment of the International Monetary Fund’s (IMF) budget support amounting to $400 million, Prime Minister Denys Shmyhal said on March 31.

The funds represent the latest tranche of the Extended Fund Facility (EFF) program, which will provide Kyiv with $15.6 billion in budget support over four years. With the additional $400 million in funding, the program has now distributed $10.1 billion in financing to Ukraine.

The IMF’s executive board approved the $400 million tranche on March 29 after completing its seventh review of the EFF agreement.

“We are grateful to the Fund… for its assistance and close cooperation in supporting the Ukrainian economy during the war,” Shmyhal said on X.

“Russia’s war in Ukraine continues to take a devastating social and economic toll on Ukraine,” IMF Managing Director Kristalina Georgieva said in a press statement.

"(Ukraine’s) economy has remained resilient, but the recent growth slowdown is expected to persist in 2025 due to headwinds from energy needs and a tight labor market. Contingency planning is key to enable appropriate policy action should risks materialize," the statement reads.

Commenting on Ukraine’s monetary policy, the managing director urged Ukraine’s National Bank to “stand ready for further action” should inflation expectations deteriorate.

The central bank raised the key policy rate from 14.5% to 15.5% per annum in its most recent change to interest rates. In 2024, inflation in Ukraine exceeded expectations, accelerating to 12%.

Funds from the EFF are intended to help stabilize Ukraine, support the country’s postwar recovery, and promote economic growth as Kyiv moves forward on its path to EU membership.

External financing is critical for Ukraine as it faces mounting economic pressure from Russia’s full-scale invasion. Kyiv received $42.5 billion in foreign aid last year, and the Finance Ministry has said that the amount needs to increase by at least $12 billion for 2025.

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