This paper discusses the status of Ukraine's Eurobond held by the Russian Federation. The bond was acquired by Russia's National Wealth Fund (NWF) pursuant to a decision by the Russian Government to provide assistance to Ukraine. In public statements at the time the bond was issued, Russia's...

EXECUTIVE SUMMARY Stand-By Arrangement. In the attached letter, the Ukrainian authorities describe their economic and financial policies for which they request a 24-month SDR 10.976 billion (800 percent of quota, about US$17.1 billion) Stand-By Arrangement involving exceptional access. An...

KEY ISSUES Context: Weak external demand and inconsistent macroeconomic policies have contributed to a prolonged economic recession. A combination of an effectively pegged exchange rate, loose fiscal policy, and sizable quasi-fiscal losses in the energy sector has pushed the fiscal and external...

This paper discusses Ukraine's Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement. For the most part, the 2010 program was appropriately designed given the ambitious agenda it had set out to accomplish. The macroeconomic strategy and program design correctly addressed...

This program review is taking place as Ukraine approaches a critical juncture. Conditions of exceptionally high uncertainty remain as Russia's war in Ukraine continues. Amid continuing attacks on energy infrastructure, comprehensive efforts to prepare for the ongoing winter, including the...

Russia's war in Ukraine continues to bring a rising economic, social, and humanitarian toll. The attacks on the energy infrastructure have inflicted severe economic damage and losses, and the outlook remains highly uncertain. The war is expected to continue through the coming year, generating...

Russia’s war in Ukraine continues to have a devastating economic and social impact. Skillful policymaking supported by external financing has helped maintain macroeconomic and financial stability despite challenging circumstances, and the authorities continue to advance important structural...

Two years of Russia's war in Ukraine have taken an enormous humanitarian and economic toll. Skillful policymaking supported by external financing has helped maintain macroeconomic stability, and the authorities have advanced important structural reforms. Households and business have continued...

This Selected Issues paper focuses on policies to address climate change in Ukraine. The war has been a setback to continued progress on Ukraine's climate objectives. Over the longer term, Ukraine has potential to implement policies that internalize climate-related priorities as well as...

This paper presents Ukraine's 2023 Article IV Consultation, Second Review under the Extended Arrangement under the Extended Fund Facility (EFF), and Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion. The authorities have made strong progress...