Finance
IMF says essential for Ukraine to push forward with reforms agreed under $8.1 billion loan
Published by Global Banking & Finance Review®
Posted on February 27, 2026
1 min readLast updated: February 27, 2026
Quick Summary
IMF officials said Ukraine must deliver on structural reforms tied to the newly approved 48‑month $8.1B Extended Fund Facility, including near-term tax/VAT administration steps. The program includes an immediate ~$1.5B disbursement and is designed to anchor a wider ~$136.5B international support pac
IMF urges Ukraine to deliver reforms tied to new $8.1 billion loan
IMF loan conditions and reform timeline
Structural reforms tied to the $8.1 billion package
WASHINGTON, Feb 27 (Reuters) - The International Monetary Fund's mission chief for Ukraine on Friday said it was essential fur Ukrainian authorities to deliver on the structural reforms agreed as part of a new $8.1 billion loan package approved by the IMF's board on Thursday.
Tax measures and VAT threshold changes
Gavin Gray told reporters that Ukraine had agreed to adopt by the end of March a package of tax measures involving its value-add-tax (VAT) threshold. The sooner those changes came into effect, the better, Gray said.
Bondholder concerns and IMF monitoring
Deputy mission chief Trevor Lessard said the IMF was closely monitoring reports that some holders of Ukraine's dollar bonds who agreed to an earlier restructuring are exploring ways to get better terms, concerned that a December restructuring put them at a disadvantage. The current loan does not foresee additional debt service payments, but the IMF would modify its approach as needed, Lessard said.
Key Takeaways
- •The IMF board approved a new 48‑month EFF for Ukraine worth SDR 5.9B (~$8.1B) with an immediate disbursement of about $1.5B, intended to help address balance-of-payments pressures and support EU-accession-related reforms. (imf.org)
- •IMF program priorities emphasize fiscal measures to raise revenues and reduce evasion/avoidance—consistent with IMF messaging since the Nov. 26, 2025 staff-level agreement that highlighted broadening the tax base and tightening VAT registration/exemptions. (imf.org)
- •Debt sustainability remains a live risk factor: Ukraine has been negotiating and restructuring various liabilities (including GDP-linked instruments), and the IMF has signaled the program relies on donor support and debt operations/flow relief to close large financing gaps. (imf.org)
References
Frequently Asked Questions about IMF says essential for Ukraine to push forward with reforms agreed under $8.1 billion loan
1What did the IMF say was essential for Ukraine under the new loan?
The IMF mission chief said it was essential for Ukraine to deliver on the structural reforms agreed as part of the new $8.1 billion loan package.
2What tax measures did Ukraine agree to adopt by the end of March?
Ukraine agreed to adopt a package of tax measures involving its value-added-tax (VAT) threshold by the end of March.
3What did the IMF say about the timing of the VAT-related changes?
The mission chief said the sooner the VAT-threshold changes came into effect, the better.
4What is the IMF monitoring regarding Ukraine’s dollar bonds?
The IMF is closely monitoring reports that some holders of Ukraine's dollar bonds who agreed to an earlier restructuring are exploring ways to get better terms.
5Does the current IMF loan foresee additional debt service payments?
No. The deputy mission chief said the current loan does not foresee additional debt service payments, but the IMF would modify its approach as needed.
