The Government of Ukraine aims to increase the capital of the Export Credit Agency (ECA) by UAH 5 billion by the end of 2026, as well as secure the acquisition by Poland’s KUKE of a stake worth €10 million (equivalent to UAH 494 million at the average annual exchange rate projected in the 2026 state budget draft). This was outlined in the Cabinet of Ministers’ program submitted to parliament on September 23.
The program also stipulates that by October 31, 2026, the government must decide on initiating the sale of state-owned banks — Sense Bank and Ukrgasbank — and appoint a financial advisor to oversee the process. By the same date, a resolution must be adopted on the procedure for engaging an advisor for the sale of the banks’ shareholdings.
This commitment is tied to Ukraine’s obligations under the IMF’s Extended Fund Facility (EFF). Ukraine has pledged to reduce the state’s share in the banking sector, which as of mid-2025 reached 54.4% of total assets and 52.2% of net assets. Additionally, the number of banks under state control has grown to seven.
Previously, in June 2024, following the fourth review of the IMF program, Ukraine was required to appoint an international advisor for the sale of Ukrgasbank and Sense Bank by the end of September 2024. However, the deadline was postponed, particularly after the adoption of Law No. 3983-IX on the sale of state banks in October 2024. In early 2025, First Deputy Prime Minister of Economy Yulia Svyrydenko announced at the Davos Forum that Ukraine was ready to consider the privatization of Sense Bank and its stake in Ukrnafta. In April 2025, the Cabinet of Ministers extended the search for a financial advisor for the third time until the end of July, but after the eighth EFF review in June 2025, no further deadlines were specified.
In August 2025, the Financial Stability Council concluded that the sale of shares in Sense Bank and Ukrgasbank would not negatively impact the stability of the banking system, effectively clearing the way for a government decision on their privatization.
Currently, the ECA’s charter capital stands at UAH 2 billion. In the first eight months of 2025, the agency supported non-commodity exports worth UAH 9.15 billion, almost double the figure for the same period in 2024 (UAH 4.98 billion).
