Key facts
- The review combines the second and third assessments of Ukraine's four-year, $8.1 billion IMF program.
- Completion could clear disbursement of about $1.67 billion, the IMF said.
- IMF and Ukrainian representatives are meeting in Lviv and Warsaw, with some experts online, the central bank said.
- Ukraine's GDP fell 0.7% year-on-year in the third quarter, and the central bank expects a 0.4% fall in 2026.
- The central bank expects inflation to reach 12.5% in 2026.
- Prime Minister Sergii Koretskyi said in October that about $32.6 billion of Ukraine's $52.6 billion external financing need for 2027 was uncovered.
A mission from the International Monetary Fund began talks with Ukrainian officials on November 9 to review two stages of its $8.1 billion lending program. Completion of the combined second and third reviews could release about $1.67 billion in financing for Kyiv, the IMF said.
The mission is working in a hybrid format, with Ukrainian and IMF representatives meeting in Lviv and Warsaw, Ukraine's central bank said. National Bank of Ukraine experts will join some meetings online, the bank said. Discussions will cover economic and budget policies, financial sector stability, the 2027 budget and progress on reforms required under the program, according to the report.
IMF staff aim to bring the combined reviews to the fund's executive board by December, the report said. The IMF approved the four-year program in February 2026; Ukraine received an initial $1.5 billion tranche at approval and another $690 million in July after its first review, taking total disbursements to about $2.2 billion.
Prime Minister Sergii Koretskyi said in October that Ukraine requires $52.6 billion in external financing in 2027 and that about $32.6 billion of that remains uncovered. Bloomberg reported in late September that preliminary IMF estimates put Ukraine's funding gap at $30 billion to $35 billion in 2027.
Ukraine's GDP fell 0.7% year-on-year in the third quarter, and the central bank expects a 0.4% fall in 2026 and inflation of 12.5%, the report said. Priscilla Toffano, the IMF's resident representative in Ukraine, said in a statement that discussions would cover macroeconomic and fiscal policies and key structural reforms.