IMF Plans to Combine Second and Third Reviews of Ukraine Program

The International Monetary Fund plans to present a combined second and third review of the Extended Fund Facility (EFF) program for Ukraine to its Executive Board by December. The decision depends on Ukraine receiving sufficient and reliable financing guarantees to cover the projected funding gap. IMF spokesperson Julia Kozak stated that the issue will be brought to the Board's consideration provided that Ukraine ensures its debt sustainability. The specific size of the funding gap after 2026 is not specified and will depend on the course of the war, reforms, and international support. Ukraine aims to confirm sources of $52.6 billion in external financing for the state budget for 2027, of which $32.6 billion still needs confirmation. Kyiv expects the EU to cover two-thirds of the external financing needs, which could add about $17.5 billion. Additionally, around $15 billion is planned to be raised through bilateral financing and international programs. A new four-year EFF program worth $8.1 billion was approved in February 2026. After the first review in July, Ukraine received about $690 million, and the total funding under the program amounted to $2.2 billion. Following the second review, Ukraine could receive about $700 million, and from the third review, approximately $950 million, totaling around $1.65 billion.

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