The new four-year Extended Fund Facility (EFF) for Ukraine from the International Monetary Fund (IMF), totaling SDR 5.94 billion (approximately $8.1 billion), includes an immediate first tranche of SDR 1.11 billion (approximately $1.51 billion) and another nine tranches based on the results of subsequent reviews and the fulfillment of necessary criteria.
According to Fund documents published following the program’s approval early Friday, three reviews are scheduled for this year, in early June, September, and December. If successful, Ukraine will be eligible for two tranches of SDR 0.50 billion (approximately $0.69 billion) each, followed by another of SDR 0.70 billion (approximately $0.96 billion).
Subsequently, the program will shift to semi-annual reviews held in early June and December of each year.
In 2027, two tranches of SDR 0.64 billion (approximately $0.88 billion) each are planned. In 2028, tranches of SDR 0.32 billion (approximately $0.44 billion) and SDR 0.34 billion (approximately $0.47 billion) are scheduled. Finally, in the last year of the program, two more tranches are planned: SDR 0.54 billion (approximately $0.4 billion) and SDR 0.62 billion (approximately $0.86 billion).
As previously reported, a four-year EFF with the IMF totaling $15.6 billion had been in effect since March 2023. Its next scheduled 10th tranche of SDR 1.117 billion ($1.6 billion at the current exchange rate) was planned for December 2025. Following eight reviews, Ukraine received nine tranches under that program totaling $10.6 billion.
Initially, the 2023 EFF program estimated total external financing for Ukraine with the participation of international partners at $115 billion in the baseline scenario and $140 billion in the negative scenario. However, due to the protracted nature of the war with Russia, these figures were later increased to $153 billion and $165 billion, respectively.
During the IMF mission’s visit to KYIV. from September 3 to 10, 2025, Prime Minister Yulia Svyrydenko, together with NBU Governor Andriy Pyshnyy and Finance Minister Serhiy Marchenko, officially requested a new program from the IMF.
The new program estimates the total volume of external financing for Ukraine at $136.5 billion in the baseline scenario and $146.3 billion in the adverse scenario, though it also includes a positive scenario.