The International Monetary Fund (IMF) continues to support Ukraine, although it had to adjust its policies to provide loans during the war—a situation the Fund had not previously encountered. Ukraine has successfully passed seven IMF reviews, with the eighth review concluding on May 28.
This was stated by Priscilla Tofano, the IMF Resident Representative in Ukraine, during the Grain Ukraine event.
“The outlook for 2025 is not encouraging. I want to refer to the IMF’s Global Financial Stability Report published last month. The main challenge highlighted there is geopolitical instability, and in Ukraine, the ongoing war further complicates the situation,” Tofano noted.
According to her, the IMF’s forecast for Ukraine’s economy in 2025/26 anticipates slower growth.
“While macroeconomic liquidity is improving thanks to the loan, the economy is slowing down. We project growth of about 2-3%. Inflation remains quite high—around 14-15%—but we hope it will decrease to 7% in the coming years,” Tofano said.
Regarding the exchange rate, the IMF does not make specific forecasts but supports the strategy of the National Bank of Ukraine (NBU). The IMF also does not provide forecasts for individual sectors, including agriculture.
“However, we know Ukraine is a strong agricultural country and, despite the war, continues to export agricultural products. After the war, agriculture will remain a key sector in the country’s economy,” Tofano concluded.
