Ukraine and IMF Begin Combined Review Worth $1.67 Billion
Ukraine and the International Monetary Fund have begun talks on a combined second and third review under the EFF program, with total reviews valued at $1.67 billion. The discussions cover fiscal policy, the financial sector, economic de-shadowing, the 2027 budget and international financing for 2027–2028.
Key points
- Ukraine and the IMF began talks on a combined second and third EFF program review worth $1.67 billion.
- The parties discussed fiscal policy, the financial sector, de-shadowing the economy, the 2027 budget and external financing for 2027–2028.
- Teams from the Ministry of Finance and the National Bank will work with the IMF mission on agreed issues.
- The government plans to finalize the 2027 budget and submit it for a second reading after consultations with the IMF.
- Ukraine’s parliament supported the 2027 draft state budget in its first reading.
- Confirmed external financing of $52.6 billion is needed to cover Ukraine’s 2027 budget deficit.
- The IMF approved a four-year $8.1 billion program for Ukraine on February 27, 2026.
Why it matters
The reviews could bring $1.67 billion within Ukraine’s IMF program. The talks also address the fiscal policy and financing needed to cover the 2027 budget deficit, while confirmed external financing of $52.6 billion remains essential.
What happened
Ukraine and the IMF started negotiations on a combined second and third review of the EFF program, totaling $1.67 billion. The talks covered fiscal policy, the financial sector, de-shadowing the economy, the 2027 budget and international financing for 2027–2028. Teams from the Ministry of Finance and the National Bank will continue working with the IMF mission. The government plans to refine the draft 2027 budget and submit it for a second reading following consultations with the IMF.
How Ukrainian sources describe it
Ukrainian coverage emphasizes the practical review process, cooperation between state institutions and the IMF, and efforts to incorporate the Fund’s comments into the draft budget. The reviews are also linked to Ukraine’s completion of the previous program’s quantitative criteria, receipt of its latest tranche and the need to secure $52.6 billion in external financing. Domestic reporting also highlights proposed changes affecting small and medium-sized businesses, parcel taxation and the 5% levy.
Background
The IMF’s Executive Board approved a four-year program for Ukraine on February 27, 2026. Its first review ended on July 20, and Ukraine received a 503 million Swiss franc tranche, worth about $690 million, on July 23. Ukraine met all the program’s quantitative criteria. The memorandum focuses on fiscal issues and contains no anti-corruption reform commitments.