On August 7, President Volodymyr Zelensky said he had discussed a new financial assistance program for Ukraine with International Monetary Fund (IMF) Director General Kristalina Georgieva.
In a post on Telegram, Mr. Zelensky said that this financial support will be used to support the Ukrainian people during the current period and post-conflict period. He also pledged to quickly take the necessary steps.
Georgieva later confirmed the meeting. According to the IMF Director General, the two sides discussed Ukraine's economic prospects, people's resilience, and "the importance of reforms and financial support to help Ukraine now and in the process of rebuilding".
The meeting between Zelensky and Georgieva comes as Kiev seeks to address the growing budget deficit. Ukrainian officials have warned that the country could face a deficit of about $19 billion in the coming year alone.
Because of this situation, officials believe that the $15.5 billion program between Ukraine and the IMF - which expires in 2027 - cannot meet Kiev's needs as the conflict continues.
On August 6, Ukrainian Prime Minister Yulia Svyrydenko also appointed a new economic security director as part of a campaign to strengthen governance. This is seen as a key condition for Kiev to continue receiving wartime support from Western lenders.
Analysts say Ukraine's financial deficit will increase significantly next year if the conflict does not cool down and the government does not act according to reform requests from foreign lenders.
