IMF chief plans to travel to Ukraine, IMF spokesperson says

International Monetary Fund chief Kristalina Georgieva intends to visit Ukraine at a time that has not yet been determined, an IMF spokesperson said on Wednesday.

Georgieva visited Ukraine in February 2023 and plans to visit again, but the timing is still undecided, the spokesperson said. The IMF chief's plans were first reported by Bloomberg.

Ukrainian officials met with backer countries, the IMF and the World Bank on Wednesday on the sidelines of the annual meetings of the IMF and World Bank in Washington.

Ukraine is in talks with the IMF about a new four-year lending program for the country that would replace the current four-year $15.5 billion program with the Fund. Ukraine has already received $10.6 billion of that amount.

"Our staff remains actively engaged with the Ukrainian authorities on macroeconomic policies aimed at maintaining stability, financing essential expenditures, and restoring debt sustainability with a view to continued IMF support," the IMF spokesperson said.

A new program is needed since the program agreed on in 2023 assumed the war would end in late 2025. With that prospect still not in sight, the assumptions underlying the initial loan have to be reworked, according to sources familiar with the process.

As was the case in 2023, the G7-plus countries will have to offer assurances to guarantee the IMF loan since the fund normally does not lend to a country at war.

Discussions on the assurances are ongoing, a G7 source said. U.S. officials have told their European partners they do not intend to participate in the assurances, and will need Europe to shoulder that responsibility, the source added.

For Ukraine, cooperation with the IMF remains an anchor for its economic policy as the war against Russia drags into its fourth year and the country faces a challenging task to raise money to cover the budget gap next year.

The government has prepared a draft 2026 budget, aiming for a deficit of about 18.4% of gross domestic product. Finance Minister Serhiy Marchenko estimated the unfunded gap for the 2026 budget at about $18 billion.