Finance
IMF is analyzing proposed terms of Ukraine's warrant exchange offer
Published by Global Banking & Finance Review®
Posted on December 4, 2025
1 min readLast updated: January 20, 2026
Quick Summary
IMF reviews Ukraine's $2.6B warrant exchange proposal, focusing on debt sustainability and financing assurances for a new lending program.
IMF Analyzes Ukraine's Warrant Exchange Offer Terms
WASHINGTON, Dec 4 (Reuters) - The International Monetary Fund is analyzing Kyiv's proposal to swap $2.6 billion in GDP-linked warrants for bonds, and is closely monitoring the response, IMF spokeswoman Julie Kozack said on Thursday.
"As always, any debt restructuring agreement will be assessed in the context of ensuring debt sustainability, and of course, ensuring ... the financing assurances that Ukraine will need as part of the program," Kozack told a regular briefing.
Ukraine must complete various actions, including taking steps to broaden its tax base and close customs loopholes, as well as securing financing assurances from creditors before the IMF's executive board will consider a staff-level agreement on a new four-year, $8.2 billion lending program for Ukraine, she said.
The new staff-level agreement announced last week would replace the existing $15.6 billion Extended Fund Facility approved in March 2023, and is meant to help Kyiv maintain macroeconomic stability and strengthen public finances as the war against Russia continues to strain its budget.
(Reporting by Andrea Shalal)
Key Takeaways
- •IMF is reviewing Ukraine's $2.6 billion warrant exchange proposal.
- •Debt sustainability is a key factor in the IMF's assessment.
- •Ukraine must broaden its tax base and close customs loopholes.
- •A new $8.2 billion lending program is under consideration.
- •The program aims to maintain macroeconomic stability amid ongoing conflict.
Frequently Asked Questions about IMF is analyzing proposed terms of Ukraine's warrant exchange offer
1What is the International Monetary Fund (IMF)?
The International Monetary Fund (IMF) is an international organization that aims to promote global economic stability and growth by providing financial assistance, policy advice, and technical assistance to its member countries.
2What are GDP-linked warrants?
GDP-linked warrants are financial instruments that provide returns based on the economic growth of a country. They are often used in debt restructuring to align the interests of creditors and the country's economic performance.
