IMF Confirms "Unwavering Support" for Ukraine, While Partners Walk Out During Siluanov's Speech: Results of the Bangkok Meetings

The annual meetings of the International Monetary Fund and the World Bank Group in Bangkok served as a platform for the Ukrainian delegation to highlight two contrasting signals: the confirmation of institutional support for Kyiv by key international financial structures and a public démarche by a number of countries towards the Russian side. This was stated in a summary message by the Governor of the National Bank of Ukraine, Andriy Pyshnyy, summing up the Ukrainian team's work at the forum.

Meeting with IMF Leadership: EFF Program Status and Reforms

A central element of the Ukrainian delegation's participation was a meeting between Andriy Pyshnyy and Ministry of Finance representatives with IMF Managing Director Kristalina Georgieva. The parties discussed the state of the Ukrainian economy, the implementation of the Extended Fund Facility (EFF) program, and the country's need for external resources. Following the conversation, Georgieva confirmed in her official statement the "IMF's unwavering support for Ukraine, as well as the importance of continued reforms and international support to ensure stability and economic growth." Pyshnyy described the negotiations as "long and candid" and indicated that the Ukrainian side's immediate priority is to demonstrate positive results during the combined second and third reviews of the EFF program before the end of the current year. According to him, the adoption of a number of laws by the Verkhovna Rada in the preceding week "gave confidence in the further advancement of reforms."

ECB Stance and Public Démarche by International Partners

European Central Bank President Christine Lagarde, following a separate meeting with the NBU Governor in Bangkok, stated that international partners "remain unwavering in their support for Ukraine and the Ukrainian people." At the plenary session of the International Monetary and Financial Committee, Lagarde called Russia's war against Ukraine "unjustified." According to Bloomberg, during a closed-door meeting with Russian Finance Minister Anton Siluanov, Lagarde asked him to convey to Vladimir Putin that the war against Ukraine hinders economic development and that sustainable growth is possible only in conditions of peace. The most prominent episode of the meeting was the exit of representatives of several countries from the hall during the speech of the Russian Finance Minister — a gesture that the Ukrainian delegation regarded as a demonstration of solidarity with Kyiv.

Financing for 2027: A Critical Task

A separate block of negotiations was devoted to securing financing for Ukraine for 2027. Pyshnyy called this task "critical" and reported that the Ukrainian delegation discussed in detail the available resource sources and further steps to cover the state's needs. The IMF, in turn, emphasizes that further financing directly depends on the progress of reforms and guarantees of support from international partners. Mateusz Szczurek, Director of the IMF's European Department, pointed out at the meeting that successful program review requires additional measures in revenue mobilization and public administration to help attract additional donor financing.

Energy Risks and Banking Sector Resilience

The Ukrainian delegation also raised the topic of economic risks amid ongoing intensified Russian attacks on energy and other infrastructure. Pyshnyy noted that despite the war, Ukrainian banks remain resilient and actively lend to businesses; to support lending, the NBU has already adopted three packages of regulatory changes. At the same time, the NBU Governor warned of a "difficult winter" and the need to be prepared for various scenarios. In his speech at the meetings, he emphasized the importance of energy resilience, consistent monetary policy, and structural reforms.

Prospects: European Integration and Recovery

Concluding the overview of the participation results in the meetings, Pyshnyy drew attention to Ukraine's need for private investment, innovation, digitalization, and increased productivity. In his assessment, European integration and the country's upcoming recovery can create additional opportunities for economic development not only for Ukraine but for the entire region. Thus, Bangkok-2026 recorded both the institutional commitment of the IMF and the ECB to Ukraine's reform path and the political pressure on the Russian side expressed in public démarches by forum participants.