According to the International Monetary Fund (IMF), the Fund’s mission will in the coming weeks begin negotiations with the Ukrainian authorities on the combined second and third reviews of the Extended Fund Facility (EFF) programme.
Focus of the IMF mission’s talks
The mission will assess Ukraine’s fulfilment of commitments and the country’s financing needs. “The mission will assess recent economic developments, progress in meeting policy commitments, and the availability of financing assurances needed to achieve the programme’s objectives,” said IMF spokesperson Julia Kozak.
As part of the discussions the team will also review the economic outlook, notably in light of the increased intensity of Russian attacks. “This will cover, among other things, growth and inflation forecasts and the overall macroeconomic indicators prepared by our team. Of course, the fiscal policy plan for 2027 and, importantly, financing needs will also be discussed… We will provide further information after these discussions take place,” Kozak added.
Funds received and status of programme reviews
A new four‑year EFF programme for Ukraine totalling $8.1 billion was approved at the end of February 2026; it is part of total external financing of $136.5 billion for 2026–2029 under the baseline scenario. In July the IMF completed the first review and disbursed a second tranche of about $690 million, bringing total disbursements under the new programme to $2.2 billion.
During the first review there were breaches in the timing of some structural benchmarks; the updated programme added eight structural benchmarks, seven of them fiscal. In early October Kozak said the IMF aims to present the combined second and third review to the Executive Board for consideration by December this year, which, if approved, would release about $1.65 billion.
Confirming budget financing sources for 2027
Minister of Finance Serhii Marchenko has previously stressed the need to confirm all sources of $52.6 billion of external financing for the 2027 state budget ahead of the IMF mission’s expected visit in November. He said about $32.6 billion of that sum still requires additional confirmation.
Marchenko also said Kyiv expects the European Union (EU) to fulfil its commitment to cover two‑thirds of next year’s external financing need, which could increase confirmed financing by roughly $17.5 billion. As for the remaining roughly $15 billion, he said it could be covered by bilateral financing and guarantees, as well as programmes with international financial institutions.
