Ukraine may continue working under current program with IMF, but new program isn't ruled out - finance minister

MOSCOW. Aug 19 (Interfax) - Ukraine may continue its cooperation with the International Monetary Fund (IMF) under the current program, but there is a possibility that a new one will have to be drawn up, Ukrainian media quoted Finance Minister Sergei Marchenko as saying.

"I wouldn't announce a new program, because we don't yet have complete certainty as to whether there will be a new program, or whether we can keep working under the current one. There are different combinations, different options. There is a possibility that we will continue to work under the current program. This probability is quite high. But it is also possible that we will need to formulate a new program," Marchenko was quoted as saying at the presentation of the government's plan of action on Monday.

Ukraine's total budget deficit for 2026 is estimated at $42 billion, he said. Meanwhile, the amount of funds already contracted to finance the deficit stands at around $35 billion.

"This is not enough. Therefore, we need to mobilize efforts now, including negotiation efforts, in order to close [the gap] in 2026. Why are we speaking about closing 2026 and 2027? It's because if we close 2026 without thinking of 2027, we could simply use almost the whole resource that we value in 2026," Marchenko said.

Therefore, Ukraine is trying to convince partners of the need for a two-year technical perspective, he said.

Ukraine is fulfilling all of its obligations as part of cooperation with the IMF, he said.

"We have already had eight reviews, we have fulfilled all of our obligations completely, and to date, we have fulfilled almost all of them that we had to fulfill," Marchenko said.

It has been said recently that a new program is possible with the IMF, as the current four-year $16-billion Extended Fund Facility concludes in Q1 2027. According to Ukrainian Prime Minister Yulia Sviridenko, a new program will be required in case of a protracted crisis.

"Part of these negotiations will be our interaction with the IMF. We are working with them to formulate a certain concept and an approach to a new, updated program of cooperation and extended financing, which will take into account the new realities related to security risks, the dynamics of macroeconomic recovery and geopolitics," National Bank of Ukraine Governor Andrei Pyshny said recently.