Ukraine may not receive new IMF tranches due to reform delays – Pidlasa
Ukraine may receive about $1.66 billion more from the International Monetary Fund by the end of 2026, but subsequent payments are at risk due to insufficient progress in fulfilling some commitments. These include tax changes, reform of the NEURC, and completion of the Accounting Chamber renewal.
This was reported by Roksolana Pidlasa, head of the Verkhovna Rada Budget Committee, after a meeting with the IMF mission in Kyiv. According to her, one of the main topics of discussion was Ukraine's fulfillment of conditions necessary for the next review of the program.
Under the current schedule of the Extended Fund Facility program, Ukraine could potentially receive two payments by the end of the year. After the second review, about $692.4 million is expected, and after the third – about $969.5 million more. Together, that is about $1.66 billion.
One of the conditions remains the entry into force of the law on taxation of income received through digital platforms, which the Verkhovna Rada adopted on June 9. Draft law No. 15111-d was sent to the president for signature on June 12, but it has not yet been signed.
Pidlasa stated that the obstacle is an amendment to the document regarding politically exposed persons (PEPs), which, according to her, could create risks for Ukraine receiving funding from the European Union.
Another condition concerns the abolition of a tax exemption for low-value goods sent through international postal shipments. To do this, it is necessary to pass draft law No. 15112-d on VAT taxation of e-commerce transactions.
However, on September 1, the Verkhovna Rada failed to support the document even in the first reading. Only 198 deputies voted for it, while 226 were needed. There were also not enough votes to send the bill back for a repeat first reading or to the author for revision.
In the IMF program, taxation of income from digital platforms and abolition of the exemption for small postal items are combined into one structural benchmark. Initially, it was planned to be completed by the end of July 2026.
Another structural benchmark provides for the adoption of legislative changes that should strengthen the independence of the National Commission for State Regulation of Energy and Utilities, as well as improve the procedure for appointing its members. Under the updated program, this step must be taken by the end of October.
Separately, Ukraine must complete the personnel renewal of the Accounting Chamber. The IMF program envisages the appointment of all its members from among vetted candidates by the end of December 2026.
However, on September 1, the parliament failed to create an advisory group of experts to conduct preliminary selection of candidates. Draft resolution No. 14012 was supported by only 192 MPs. Without creating this group, it is impossible to move to the next stage of the competition and appoint new members of the Accounting Chamber.
In addition, under the cooperation program with the IMF, Ukraine needs to submit several more legislative changes to the parliament. Among them are changes to tax legislation on transfer pricing and interest expense limitations, raising the threshold for unscheduled inspections during VAT refunds, as well as measures against abuse of the simplified taxation system. For some of these documents, it is sufficient to submit them to the Verkhovna Rada in 2026, rather than final adoption.
Pidlasa emphasized that implementing the IMF program matters not only for receiving funds directly from the Fund. Cooperation with the IMF remains an important element of the broader system of international financing for Ukraine, including support from the European Union.
In July, the IMF completed the first review of the new four-year EFF program for Ukraine and approved a disbursement of about $690 million. The total volume of the program, approved in February 2026, is about $8.1 billion.
Based on materials from: Roksolana Pidlasa, International Monetary Fund, Ministry of Finance of Ukraine
