IMF mission starts negotiations on new EFF program in Kyiv
17 November 2025 12:14
Today, on November 17, the International Monetary Fund mission started working in Ukraine together with government representatives to launch a new Extended Fund Facility program.
This was reported by the representative office of the International Monetary Fund in Ukraine (IMF), "Komersant Ukrainian" reports.
IMF Resident Representative in Ukraine Priscila Tofano said in Kyiv that the IMF mission led by Gavin Gray began discussions with Ukrainian authorities today in the context of their request to launch a new Extended Fund Facility (EFF) program.
“The discussions will focus on the authorities’ economic policy objectives, with an emphasis on both fiscal and monetary policies to ensure stability in the face of continued very high uncertainty, and structural measures to strengthen governance, fight corruption, and support economic growth,” Tofano said.
What is known about the new program
The four-year, $15.6 billion EFF Extended Fund Facility with the IMF, approved in March 2023, initially envisaged total external support to Ukraine with the participation of partners of $115 billion in the baseline scenario and $140 billion in the pessimistic scenario. These figures were later increased to $153 billion and $165 billion, respectively.
During the mission for the fifth review of the program, Ukraine and the IMF will focus on domestic resources to finance the state budget, NBU Governor Andriy Pyshnyi said on September 4. He characterized the review as a “difficult task” where the development of the domestic debt market will play a key role.
on September 9, Prime Minister Yulia Svyrydenko officially asked the IMF to launch a new cooperation program.
“At the meeting, I handed over a letter to Gavin Gray requesting a new program to support Ukraine in the coming years. We have agreed to continue consultations between the teams in order to get the approval of the IMF Board of Directors by the end of the year,” Svyrydenko said.
Finance Minister Sergiy Marchenko estimated the total amount of external financing needed for the new four-year program with the IMF at $150-170 billion.
The new program with the IMF will focus on reforms of the tax and customs systems, legalization of crypto assets, and ensuring Ukraine’s macro-financial stability.
Funding under the new program with the IMF could amount to $8-8.5 billion for 2026-2029, as previously agreed by the Ukrainian authorities and the Fund.
