diff --git a/pkg/compiler/analysis.go b/pkg/compiler/analysis.go
index 4905490c3..febb3a5e3 100644
--- a/pkg/compiler/analysis.go
+++ b/pkg/compiler/analysis.go
@@ -104,6 +104,32 @@ func lastStmtIsReturn(decl *ast.FuncDecl) (b bool) {
 	return false
 }
 
+// analyzePkgOrder sets the order in which packages should be processed.
+// From Go spec:
+//   A package with no imports is initialized by assigning initial values to all its package-level variables
+//   followed by calling all init functions in the order they appear in the source, possibly in multiple files,
+//   as presented to the compiler. If a package has imports, the imported packages are initialized before
+//   initializing the package itself. If multiple packages import a package, the imported package
+//   will be initialized only once. The importing of packages, by construction, guarantees
+//   that there can be no cyclic initialization dependencies.
+func (c *codegen) analyzePkgOrder() {
+	seen := make(map[string]bool)
+	info := c.buildInfo.program.Package(c.buildInfo.initialPackage)
+	c.visitPkg(info.Pkg, seen)
+}
+
+func (c *codegen) visitPkg(pkg *types.Package, seen map[string]bool) {
+	pkgPath := pkg.Path()
+	if seen[pkgPath] {
+		return
+	}
+	for _, imp := range pkg.Imports() {
+		c.visitPkg(imp, seen)
+	}
+	seen[pkgPath] = true
+	c.packages = append(c.packages, pkgPath)
+}
+
 func (c *codegen) analyzeFuncUsage() funcUsage {
 	usage := funcUsage{}
 
diff --git a/pkg/compiler/codegen.go b/pkg/compiler/codegen.go
index 59bcd9020..b1ae269e4 100644
--- a/pkg/compiler/codegen.go
+++ b/pkg/compiler/codegen.go
@@ -74,6 +74,9 @@ type codegen struct {
 	// mainPkg is a main package metadata.
 	mainPkg *loader.PackageInfo
 
+	// packages contains packages in the order they were loaded.
+	packages []string
+
 	// Label table for recording jump destinations.
 	l []int
 }
@@ -1486,6 +1489,7 @@ func (c *codegen) newLambda(u uint16, lit *ast.FuncLit) {
 
 func (c *codegen) compile(info *buildInfo, pkg *loader.PackageInfo) error {
 	c.mainPkg = pkg
+	c.analyzePkgOrder()
 	funUsage := c.analyzeFuncUsage()
 
 	// Bring all imported functions into scope.
diff --git a/pkg/compiler/compiler.go b/pkg/compiler/compiler.go
index 76d48358f..95b952914 100644
--- a/pkg/compiler/compiler.go
+++ b/pkg/compiler/compiler.go
@@ -49,7 +49,8 @@ type buildInfo struct {
 
 // ForEachFile executes fn on each file used in current program.
 func (c *codegen) ForEachFile(fn func(*ast.File, *types.Package)) {
-	for _, pkg := range c.buildInfo.program.AllPackages {
+	for i := range c.packages {
+		pkg := c.buildInfo.program.Package(c.packages[i])
 		c.typeInfo = &pkg.Info
 		c.currPkg = pkg.Pkg
 		for _, f := range pkg.Files {
diff --git a/pkg/compiler/init_test.go b/pkg/compiler/init_test.go
index 878e87ab4..31c8c98b8 100644
--- a/pkg/compiler/init_test.go
+++ b/pkg/compiler/init_test.go
@@ -60,3 +60,24 @@ func TestInit(t *testing.T) {
 		eval(t, src, big.NewInt(0))
 	})
 }
+
+func TestImportOrder(t *testing.T) {
+	t.Run("1,2", func(t *testing.T) {
+		src := `package foo
+		import _ "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/pkg1"
+		import _ "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/pkg2"
+		import "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/pkg3"
+		func Main() int { return pkg3.A }`
+		v := vmAndCompile(t, src)
+		v.PrintOps()
+		eval(t, src, big.NewInt(2))
+	})
+	t.Run("2,1", func(t *testing.T) {
+		src := `package foo
+		import _ "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/pkg2"
+		import _ "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/pkg1"
+		import "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/pkg3"
+		func Main() int { return pkg3.A }`
+		eval(t, src, big.NewInt(1))
+	})
+}
diff --git a/pkg/compiler/testdata/pkg1/pkg1.go b/pkg/compiler/testdata/pkg1/pkg1.go
new file mode 100644
index 000000000..910eb0e45
--- /dev/null
+++ b/pkg/compiler/testdata/pkg1/pkg1.go
@@ -0,0 +1,7 @@
+package pkg1
+
+import "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/pkg3"
+
+func init() {
+	pkg3.A = 1
+}
diff --git a/pkg/compiler/testdata/pkg2/pkg2.go b/pkg/compiler/testdata/pkg2/pkg2.go
new file mode 100644
index 000000000..e95cda011
--- /dev/null
+++ b/pkg/compiler/testdata/pkg2/pkg2.go
@@ -0,0 +1,9 @@
+package pkg2
+
+import (
+	"github.com/nspcc-dev/neo-go/pkg/compiler/testdata/pkg3"
+)
+
+func init() {
+	pkg3.A = 2
+}
diff --git a/pkg/compiler/testdata/pkg3/pkg3.go b/pkg/compiler/testdata/pkg3/pkg3.go
new file mode 100644
index 000000000..077019e0c
--- /dev/null
+++ b/pkg/compiler/testdata/pkg3/pkg3.go
@@ -0,0 +1,3 @@
+package pkg3
+
+var A int