IMF: Ukraine unlikely to receive October tranche under EFF program

The International Monetary Fund does not plan to disburse the third credit tranche to Ukraine under the four-year EFF program in October.

This was stated by IMF spokesperson Julie Kozack.

According to her, the Fund intends to conduct two to three reviews of the credit program in a single board of directors meeting — before December, without specifying a more precise date.

Sources at the Ukrainian Ministry of Finance cited by the outlet Strana also do not expect to receive the funds this month, pointing to the slow implementation of the lender’s requirements by the Ukrainian authorities.

In 2026, Ukraine has already received two tranches from the IMF: approximately €1.3 billion in March and approximately €607.8 million in July. Originally, two more payments were envisaged subject to fulfillment of the Fund’s requirements — approximately €607.8 million in October and approximately €845.7 million in December. Now a single disbursement of approximately €1.5 billion is expected before the end of the year.

At the same time, Ukraine continues to service its existing IMF loans. In September 2026, the country already paid the Fund approximately €236.8 million, and in October it is due to transfer an additional approximately €238.7 million. The total volume of government payments to the IMF for October–December 2026 will amount to approximately €630.2 million — nearly half the sum Ukraine expects to receive.

The entire EFF program is valued at approximately €7.1 billion. The IMF has previously calculated that Ukraine’s financing gap will reach approximately €47.6 billion through 2029.