IMF adds 4 new benchmarks to its EFF program with Ukraine

MOSCOW. March 31 (Interfax) - The International Monetary Fund (IMF) said in its updated Memorandum of Economic and Financial Policies after the Seventh Review under the Extended Fund Facility (EFF) that five structural benchmarks were implemented by Ukraine with delays, and it was decided to move the timelines of four benchmarks to July-September and to add four new benchmarks to be implemented between end-June and end-December 2025.

The IMF is proposing to add four structural benchmarks to complete the independent fit and proper review of Ukraine's National Security and Stock Market Commission by the end of June 2025, adopt changes to the selection and appointment procedures for state-owned companies' supervisory boards by the end of August 2025, adopt the operational plan by the end of September 2025 for the implementation of the updated IT strategy by the Finance Ministry together with the State Tax and Customs Services to support the digital transformation key to the National Revenue Strategy, and adopt sectoral PIM strategies by the end of December 2025, Ukrainian media said, citing IMF materials.

According to the document, the Ukrainian authorities did not meet the end-December 2024 structural benchmark for the amendments to the criminal procedural code (the so-called Lozovoi amendments), and adopted the law on new specialized administrative courts with a delay. The January and February 2025 benchmarks for the appointment of the new head of the Economic Security Bureau (ESBU) of Ukraine and the external audit of the National Anticorruption Bureau of Ukraine (NABU) were also missed.

The updated program reschedules the missed structural benchmark for selection of the new ESBU head, for the criminal procedure code, and for the external NABU audit to the end of July.

Furthermore, the drafting and submission to the Verkhovna Rada of a bill on critical third-party risk were moved to end-September 2025.

When commenting on the IMF decision, National Bank of Ukraine Governor Andrei Pyshny said the IMF adjusted the payment structure at Ukraine's request, reducing the 9th tranche due in June from SDR0.60 billion to SDR0.37 billion, the 10th tranche in late August from SDR0.40 billion to SDR0.33 billion, increasing the 11th tranche in early December from SDR0.33 billion to SDR0.79 billion, the 12th tranche in early March 2026 from SDR0.70 billion to SDR0.93 billion, but keeping the 13th tranche due in late August 2026 and the 14th tranche in March 2027 unchanged at SDR0.75 billion and SDR0.79 billion, respectively.