IMF mission begins combined second and third reviews of Ukraine's EFF program
An IMF mission led by Gavin Gray began talks with Ukrainian officials on 9 November over the combined second and third reviews of Ukraine's Extended Fund Facility program. The discussions cover macroeconomic and fiscal policy, structural reforms and the country's economic outlook amid intensified Russian attacks. A positive decision could provide Ukraine with about $1.67 billion in new financing.
Key points
- The IMF mission began the combined second and third EFF reviews in Ukraine on 9 November.
- The mission is led by Gavin Gray.
- The IMF planned to submit the combined reviews to its Executive Board before December 2026.
- A positive decision could provide Ukraine with about $1.67 billion in new financing.
- The review will assess program commitments, economic performance, macrofinancial stability and structural benchmarks.
- Meetings with Ukrainian officials are due to take place in Lviv and Warsaw, with some NBU experts joining online.
- Ukraine received about $690 million as a second installment under the four-year EFF program on 23 July.
- The $8.1 billion EFF program is part of Ukraine's estimated $136.5 billion in external financing needs for 2026–2029.
Why it matters
The reviews will determine whether Ukraine has met the commitments and structural benchmarks of its EFF program and will assess its economic performance and financial stability. Approval could unlock about $1.67 billion in new IMF financing, while the negotiations also address reforms linked to euro-integration and Ukraine’s outlook amid intensified Russian attacks.
What happened
An IMF mission headed by Gavin Gray began talks with Ukrainian representatives on 9 November as part of the combined second and third reviews of the EFF program. The discussions focus on macroeconomic and fiscal policy targets, key structural reforms, economic prospects and the effects of stronger Russian attacks. IMF representatives will assess Ukraine's compliance with program commitments, the results achieved, required economic changes, macrofinancial stability, the resilience of the financial system and progress against structural benchmarks. Meetings are planned in Lviv and Warsaw, while some National Bank of Ukraine experts will participate online. The IMF had planned to consider the combined reviews before December 2026.
How Ukrainian sources describe it
Ukrainian coverage emphasizes Ukraine's continued commitment to the EFF program and to reforms needed for euro-integration. It also highlights the economic consequences of intensified Russian attacks and the importance of continued international support.
Where reporting differs
The potential amount of new financing is reported as either $1.67 billion or approximately $1.65 billion.
Background
The IMF Board approved a new four-year EFF program for Ukraine worth $8.1 billion in February 2026. Its first review was approved on 20 July, and Ukraine received a second installment of about $690 million on 23 July, bringing total disbursements under the new program to $2.2 billion. That review recorded delays in meeting some structural benchmarks. The updated program added eight structural benchmarks, seven of which are fiscal. The EFF forms part of Ukraine’s estimated $136.5 billion external financing needs for 2026–2029 under the baseline scenario.