Ukraine: Seventh Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of a Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine

Three years of war have taken a staggering social, humanitarian, and economic toll. Efforts to end the war, and potential changes to international support retain the exceptionally high uncertainty to the outlook. Yet, the authorities’ commitment to reforms and fulfillment of all necessary Fund policies support completion of the review. First, the authorities, despite some slippages in the governance sphere, have continued to implement important reforms, including adopting the landmark reform for new administrative courts; they will also enact a law on tobacco excise taxes (prior action). Second, individual agreements under the US$50 billion Extraordinary Revenue Acceleration Loans Initiative for Ukraine (ERA) are nearing finalization, providing multi-year financing commitments, which the authorities will utilize consistent with program parameters.