Ukraine: 2026 Article IV Consultation and First Review of the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability of Performance Criteria, a Waiver of Nonobservance of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; Staff Supplement; and Statement by the Alternate Executive Director for Ukraine

Despite the continuation of Russia’s war into its fifth year, Ukraine has maintained macroeconomic stability under extremely challenging conditions supported by large-scale and sustained external financing and prudent policy making. Pressures are intensifying, however, with headwinds from a more challenging external environment following the outbreak of war in the Middle East and spikes in aerial attacks. At the same time, reform momentum has weakened over the past year with slowing structural reform implementation, partly due to gridlock in parliament, delaying progress on reforms essential for European Union (EU) accession, growth, and revenue mobilization to support critical expenditures and reconstruction.