The Government of Ukraine aims to increase the capital of the Export Credit Agency (ECA) by UAH 5 billion by the end of 2026 and ensure that the Polish agency KUKE acquires a stake in it worth €10 million (equivalent to UAH 494 million at the average annual exchange rate in the draft 2026 state budget). This is outlined in the Cabinet of Ministers’ program submitted to Parliament on September 23.
The program also stipulates that by October 31, 2026, the government must decide on initiating the sale of state-owned banks — Sense Bank and Ukrgasbank — with a financial advisor engaged to support the process. By the same date, a resolution on the procedure for engaging an advisor for the sale of bank share packages must also be adopted.
This is linked to Ukraine’s commitments under the IMF’s Extended Fund Facility (EFF) program. Ukraine has pledged to reduce the state’s share in the banking sector, which as of mid-2025 reached 54.4% of total assets and 52.2% of net assets. The number of state-controlled banks has increased to seven.
Previously, in June 2024, following the fourth EFF review, Ukraine was to appoint an international consultant for the sale of Ukrgasbank and Sense Bank by the end of September 2024. The deadline was postponed, partly due to the adoption of Law No. 3983-IX in October 2024 on the sale of state banks. In early 2025, First Deputy Prime Minister of Economy Yuliya Svyrydenko announced at the Davos forum Ukraine’s readiness to consider privatizing Sense Bank and its stake in Ukrnafta. In April 2025, the Cabinet of Ministers extended the deadline to find a financial advisor until the end of July for the third time, but after the eighth EFF review in June 2025, no specific deadlines were set.
In August 2025, the Financial Stability Council concluded that the sale of shares in Sense Bank and Ukrgasbank would not negatively affect the banking system’s stability, effectively paving the way for the government to proceed with privatization.
Currently, ECA’s authorized capital is UAH 2 billion. In the first eight months of 2025, the agency supported non-commodity exports totaling UAH 9.15 billion, nearly double the amount for the same period in 2024 (UAH 4.98 billion).
