IMF to Review Ukraine’s EFF Program and Unlocked $1.65 Billion
An IMF mission is due to begin discussions with the Ukrainian government on the second and third reviews of Ukraine’s Extended Financing Facility (EFF) program. A combined review is planned for the IMF Executive Board before December, with about $1.65 billion potentially available to Ukraine if approved.
Key points
- The IMF mission will discuss the second and third reviews of Ukraine’s EFF program.
- The combined review is planned for the IMF Executive Board before December 2025.
- A positive decision could release about $1.65 billion for Ukraine.
- The IMF completed the first review in July and disbursed a $690 million tranche.
- Total EFF financing received by Ukraine reached $2.2 billion after the second tranche.
- Ukraine’s external state-budget financing requirement for 2027 is $52.6 billion, with $32.6 billion still requiring confirmation.
- Kyiv expects the EU to cover two-thirds of the additional external financing requirement and plans to seek support from other international partners.
Why it matters
Approval by the IMF Executive Board could make about $1.65 billion available to Ukraine. The reviews will assess economic performance, compliance with program commitments and the availability of financing amid intensified Russian attacks, with discussions expected to cover growth, inflation, the 2027 fiscal plan and financing needs.
What happened
An IMF mission is scheduled to begin discussions with Ukraine’s government on the second and third reviews of the country’s EFF program. The IMF team is expected to assess recent economic developments, Ukraine’s implementation of its commitments and the availability of financing guarantees. The discussions will consider macroeconomic projections in light of stronger Russian attacks, including economic growth, inflation, the 2027 fiscal plan and external financing requirements. The IMF plans to submit a combined second and third review to its Executive Board before December 2025. If approved, the decision could provide Ukraine with about $1.65 billion.
How Ukrainian sources describe it
Ukrainian reports emphasize the need to confirm all sources of external financing for the 2027 state budget before the IMF mission arrives in November. They also highlight expected support from the European Union and other international partners and the addition of new structural benchmarks to the program.
How international sources describe it
The available reports are Ukrainian-language media accounts focused on the scope and timing of the IMF reviews and their potential financing outcome. They do not present a separate international account beyond describing the expected involvement of the European Union and other international partners.
Where reporting differs
The reports disagree on when the four-year EFF program worth $8.1 billion was approved: some state late February 2025, while others state late February 2026.
Background
The four-year EFF program worth $8.1 billion was approved in late February, according to the supplied reports, but they differ on the year. The IMF completed the first review in July and disbursed a second tranche of $690 million, bringing total program financing received by Ukraine to $2.2 billion. The updated program plan added eight new structural benchmarks, seven of which relate to fiscal policy, and the first review recorded delays in meeting some benchmarks. The EFF program forms part of a broader external financing package of $136.5 billion for 2026–2029 under the baseline scenario.