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## Ukraine and the IMF: A Jolly Good Update
“We expect February to bring us good news,” announced National Bank of Ukraine (NBU) Governor Andriy Pyshny during a recent briefing. He was referring to an upcoming meeting of the International Monetary Fund’s (IMF) board of directors, which was anticipated to approve a new four-year $8.1 billion Extended Fund Facility (EFF) programme. This proposal, crafted with Ukraine’s specific needs in mind due to the ongoing conflict with Russia, was meticulously discussed with Ukraine’s Ministry of Finance and high-level Ukrainian officials, including Prime Minister Yulia Svyrydenko and President Volodymyr Zelensky.
### Preliminary Mirth Turns Sour
However, things didn’t go quite as planned. The IMF, during its last negotiations in Kyiv in November 2025, faced unexpected turbulence. Just two days prior, Ukrainian anti-corruption agencies unveiled a potential scandal involving a $100 million scheme at the state energy giant, Energoatom. This revelation certainly complicated discussions.
### Legislative Hiccups: Just a Spot of Bother?
The IMF required Ukraine to enact legislative measures, such as imposing VAT on sole proprietors with earnings over Hr. 1 million and duties on imported parcels below €150. Another bill involved digital platforms collecting user data. These conditions were pre-requisites for the IMF board to approve the programme.
Yet, the plan hit a snag. Lawmakers didn’t vote on the bills. Discontent brewed, partly because the bills didn’t undergo thorough consultation. Opposition lawmakers, lacking clarity, were reluctant to proceed. Proposed laws, including the digital platforms bill, were inconsistently handled, adding to the chaos.
### Efforts to Smoothen the Path
To mend the situation, the IMF waived the prior actions initially linked to the loan, such as VAT changes and digital platform taxation. But there’s much to resolve regarding government-parliament communication.
### The Heart of the Debate
The IMF and Ukraine’s government have tried to compromise. Prime Minister Svyrydenko explained their strategy to reporters, highlighting their intent to incorporate IMF conditions into current tax bills. Zelensky expressed gratitude towards the IMF’s programme, yet the dissatisfaction surrounding the amendments remains apparent.
### Future Aspirations: Any Silver Lining?
The governmental strategy now seems clear: consolidate tax laws to include digital platforms, parcel policies, and military levies. Yet, some lawmakers, feeling sidelined, worry this could endanger further funding. Flooded with questions, many demanded a clearer roadmap.
### Conclusion: February’s Awaited News
The next parliamentary session on February 24 will be crucial. A decision may yet bring hope and more assistance. As for now, optimism entwined with uncertainty connects all stakeholders. Whether February will indeed bring any good tidings is currently anyone’s guess.
