The International Monetary Fund has published on its website the terms of a new credit program for Ukraine.
They contain 12 structural benchmarks that Ukraine has pledged to fulfill in the coming year, informs the portal PromPolitInform.
One of the most difficult requirements – the adoption of a package of tax measures – must be fulfilled in March.
The main components of this package are the taxation of income from digital platforms (the so-called OLX tax), the abolition of the duty-free limit on parcels up to 150 euros and the introduction of VAT for individual entrepreneurs from January 1, 2027 (at the same time, the IMF agreed to increase the VAT registration threshold from UAH 1 million to UAH 4 million).
The program also mentions some other tax measures to expand the tax base, such as, for example, the abolition of the provision on the termination of the military fee after the end of martial law, but without a deadline.
Other structural benchmarks:
→ refusal to recapitalize at the expense of the budget of any non-systemic banks that are state-owned (permanent beacon);
→ implementation of recommendations to improve the nomination process of supervisory boards of state-owned banks (end of February 2026);
→ appointment of the permanent head of the State Customs Service (end of March 2026);
→ submission to Parliament of amendments to the Tax Code to bring transfer pricing rules in line with OECD standards and implementation of Article 4 of the EU Directive on combating tax evasion (ATAD) (end of June 2026);
→ approval of an updated strategy for state-owned banks, which takes into account the goals of privatization and mechanisms of protection against political interference (end of June 2026);
→ introduction of a supervision system to mitigate the risks associated with the involvement of banks and other financial institutions of third parties (third parties) to perform critical functions (end of June 2026);
→ publication of new NAPC rules on the establishment of a risk-based asset declaration verification system with priority for high-level officials in high-risk areas (end of June 2026);
→ publication of a technical analysis of quasi-fiscal costs in the electricity, gas and heating sectors, as well as reform scenarios to gradually achieve cost recovery in the case of protecting vulnerable consumers (end of July 2026);
→ development of a centralized data warehouse design for tax and customs administrations (end of December 2026);
→ amending the law on the National Securities and Stock Market Commission to strengthen its independence and introducing a two-tier management structure with a supervisory board (end of December 2026);
→ appointment of all members of the Accounting Chamber of Ukraine (RPU) from the list of verified candidates according to the 2024 changes (end of December 2026).
Ukraine has promised not to adopt laws against NABU
Ukraine, within the framework of the new program with the International Monetary Fund, has undertaken not to adopt any new laws that could undermine the independence, powers or resources of the National Anti-Corruption Bureau, the Specialized Anti-Corruption Prosecutor’s Office and the Supreme Anti-Corruption Court.
“To combat corruption at the highest level, we will ensure the preservation of independence and autonomy of key law enforcement anti-corruption institutions. Based on hard-won progress, we remain firmly committed to maintaining the operational independence of NABU, SAP and VAKS. We will refrain from any measures that could undermine their independence, powers or resources, in particular by amending their legislative or regulatory framework,” the memorandum says.
This requirement appeared after the events of July 2025, when the Verkhovna Rada adopted a law that actually deprived the NABU and SAP of independence. The IMF said it “undermined confidence in the government’s anti-corruption efforts,” even though the law was quickly repealed.
In addition to protecting anti-corruption structures, the program provides for steps to strengthen the independence of other institutions.
The authorities pledged to ensure the financial autonomy of the Accounting Chamber and appoint new members of the board from the list of verified candidates.
It is planned to strengthen the independence of the National Securities Commission by creating a supervisory board with a majority of independent members and re-subordinating the commission from the president to the Cabinet of Ministers.
The commitments also include strengthening the independence of the energy regulator NKREKP through the reform of the procedure for appointing members of the commission with the involvement of international experts and conducting regular external assessments.
The importance of preserving the institutional and financial independence of the National Bank of Ukraine is confirmed, in particular through compliance with profit-sharing rules and prevention of budget financing.
Ukraine will have to continue debt restructuring
The International Monetary Fund has warned that without further measures, public debt could rise to 137% of GDP as early as 2027 and become unbearable in the future.
Ukraine completed the main restructuring of external commercial debt in the amount of $20.5 billion (78% of commercial external debt) in September 2024.
In September 2025, an agreement was reached with Eximbank of China to postpone loan payments by $850 million until 2034-2040.
At the end of 2025, the obligations under GDP warrants in the amount of $2.6 billion were also settled.
Currently, two elements of commercial debt remain: the restructuring of state-guaranteed Eurobonds of Ukrenergo for $825 million (a preliminary agreement was reached in April in 2025, completion is expected in early 2026) and an external commercial loan of Cargill Financial Services International for $0.7 billion.
The IMF notes that without further restructuring measures, Ukraine’s debt will remain unbearable.
In the baseline scenario, in the absence of additional solutions, public debt will rise to 137.1% of GDP in 2027 and remain at a high level, falling only to 97.1% of GDP by 2035. The average gross financing needs in 2030-2035 will be 7.2% of GDP.
To ensure debt sustainability in the medium term, debt (with the exception of grant-like instruments such as Extraordinary Revenue Acceleration and Ukraine Support Loan) should fall below 68% of GDP by 2035, and the average gross financing needs should be less than 7.0% of GDP in 2030-2035.
In addition, debt servicing to external creditors (with the exception of multilateral ones) in 2026-2028 should not exceed $1 billion per year.
According to the IMF forecast, by the end of 2026, Ukraine’s public debt will amount to 122.6% of GDP.
Official lenders have already committed to a two-step approach. The first stage involves the extension of the current moratorium for the duration of the IMF program, and the second – the final “debt treatment” after the level of exceptional uncertainty decreases.
The Ukrainian authorities also pledged to carry out a second restructuring of commercial debt if negative risks are realized in the implementation of the program.
Recall, on February 26, 2026, the Board of Directors of the International Monetary Fund approved a new four-year program of expanded financing for Ukraine in the amount of $8.1 billion. In the near future, Ukraine will receive the first tranche – about $1.5 billion. Funds will be directed to finance the budget deficit and support macro-financial stability. The IMF-backed program is part of a broader financial framework designed to cover a projected $136.5 billion state budget deficit over 2026-2029.
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