Summary
In December 2024 and January 2025, Ukraine exhibited remarkable financial resilience despite sustained large-scale Russian attacks on civilian infrastructure. Through the strategic coordination of fiscal, debt, and monetary policies, the country ensured economic stability in 2024 and established a foundation for macro-financial sustainability in 2025.
The National Bank of Ukraine effectively managed moderate inflation amidst a significant rise in international reserves, now exceeding optimal levels. Key policy adjustments bolstered the resilience of the banking system and eased foreign exchange restrictions, thereby supporting wartime business activities.
Fiscal policy measures emphasized adherence to the 2024 State Budget while simultaneously preparing a robust legal framework for the 2025 fiscal year. Amendments to the Law of Ukraine “On the Accounting Chamber” further strengthened the capacity for comprehensive state financial control (audit). Meanwhile, tax and customs reforms were tailored to wartime priorities, including the regulation of military levy payments, customs exemptions for defense-critical imports, and the ratification of the updated Pan-Euro-Mediterranean Rules of Origin.
Ukraine secured the first tranches of a €50 billion macro-financial aid package, sourced from frozen Russian assets, and made significant progress in its IMF Extended Fund Facility (EFF) program. Agreements for subsequent reviews in 2025 reinforced confidence in Ukraine’s fiscal governance. Additional funding was mobilized through the issuance of military bonds and bilateral partnerships with international donors.
Ukraine’s proficient management of its financial system under extraordinary conditions highlights its steadfast commitment to economic stability and long-term resilience in the face of persistent external aggression.
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