In brief: An International Monetary Fund (IMF) mission arrived in Kyiv on Monday to conduct a combined second and third review of Ukraine’s program. A successful assessment is critical to unlock donor support and cover a $32.6 billion non-military budget shortfall.
An International Monetary Fund (IMF) mission arrived in Kyiv on Monday, Nov. 9 to begin a combined second and third review of Ukraine’s Extended Fund Facility (EFF) program, marking a critical test for the country’s reform momentum.
An IMF green light serves as a critical seal of approval, signaling to other international donors and investors that Ukraine’s economic policies remain trustworthy and sound.
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“An IMF mission, led by Gavin Gray, starts meetings today with the Ukrainian authorities in the context of the combined second and third reviews of the EFF-supported program. Discussions will cover macroeconomic and fiscal policies, as well as key structural reforms,” Ms. Priscilla Toffano, the International Monetary Fund (IMF) Resident Representative in Ukraine, made the following statement today in a press-release for Kyiv Post.
The review is taking place as Ukraine seeks massive external financing to sustain its economy. According to IMF estimates, Ukraine faces a funding gap of $30 to $35 billion for non-military spending, out of a total requirement of $52.5 billion. The Ukrainian finance ministry places this specific budget shortfall at $32.6 billion.
The government accelerated its reform agenda in October, improving communications with the parliament and successfully fulfilling five structural indicators within a single month.
Despite this progress, significant parliamentary hurdles remain as lawmakers are not willing to immediately vote for unpopular decisions aimed at mobilizing financing, per RRR4U monitoring.
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A focus of the ongoing talks is the adoption of the 2027 State Budget. Since submitting the budget in September, independent economists and Ukraine’s central bank, the National Bank of Ukraine (NBU), worsened the forecast to recession until the end of 2026.
The budget’s forecast remains unchanged with a more positive 1.3% of the real GDP, but the Ministry of Economy has not announced changes to the forecast at the date of publishing. Lawmakers are expected to pass the budget in its second reading no later than Nov. 20.
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