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International Monetary Fund Managing Director Kristalina Georgieva made a surprise visit to Kyiv on Thursday, signaling continued global financial support for Ukraine as the war with Russia drags on. Speaking to Reuters, Georgieva said she expects to submit a new $8.1 billion IMF lending program to the Fund’s executive board for approval in the coming weeks, a move that could unlock additional funding from other international institutions.
Arriving secretly by special VIP train before dawn, Georgieva met with Ukrainian President Volodymyr Zelenskiy, Prime Minister Yulia Svyrydenko, Finance Minister Serhii Marchenko, and central bank governor Andriy Pyshnyi. Her visit came amid intensified Russian attacks on Ukraine’s energy infrastructure and just weeks before the fourth anniversary of Russia’s full-scale invasion on February 24.
Georgieva acknowledged that Ukraine’s economic and security situation has deteriorated since a preliminary IMF agreement was reached in November. However, she emphasized that the core conditions of the program would remain intact, with flexibility built in to account for the country’s unusually harsh circumstances. A key requirement remains the removal of a value-added tax exemption on consumer goods, a politically sensitive measure that has faced domestic resistance. The IMF, she said, would require the measure to be introduced, though not necessarily passed by parliament, before approving the program.
During her visit, Georgieva honored fallen Ukrainian soldiers at a memorial in central Kyiv and inspected damaged energy facilities. She praised the resilience of Ukrainians, noting that despite freezing temperatures and ongoing attacks, the capital continues to function.
The new IMF program would replace the current four-year $15.5 billion arrangement, under which $10.6 billion has already been disbursed. It assumes the war could end this year, while also preparing for a downside scenario extending to 2028. With Ukraine facing an estimated $136.5 billion financing gap through 2029, the IMF’s continued engagement remains critical for economic stability and reconstruction.
