According to Pyshnyi, the IMF board could approve a new financing program at the end of February, totaling $8.1 billion.
“We expect February to bring us good news and a meeting of the IMF’s board of directors to take place, where the $8.1 billion program will be approved… The baseline scenario is probably the third decade of February,” he said.
New IMF loan for Ukraine: what we know
Back in November 2025, Ukraine and the IMF preliminarily agreed on a new four-year lending program. Its total amount will be $8.1 billion, but Ukraine will have to meet several conditions to access the funds. One requirement has already been met — the Verkhovna Rada (Ukrainian Parliament – ed.) passed the 2026 state budget.
Another IMF condition is the introduction of VAT for individual entrepreneurs with annual income above 1 million hryvnias. However, this proposal has already sparked heavy criticism. Experts warn it could encourage the shadow economy, and that the 1 million hryvnia threshold is too low and should be raised.
This has created a paradoxical situation: Ukraine has not yet confirmed readiness to meet all IMF program conditions, particularly regarding VAT for individual entrepreneurs. Nevertheless, the country hopes to secure the funding, even though it is at risk.
Given this, during her visit to Kyiv, IMF Managing Director Kristalina Georgieva said the Fund is considering giving Ukraine one year to adopt VAT changes for individual entrepreneurs.