--- title: "IMF Begins Talks in Kyiv on Combined EFF Program Review: $1.65 Billion in Two Tranches at Stake" description: "The IMF has started negotiations in Kyiv on the combined second and third reviews of the EFF program. Following them, Ukraine can receive two tranches totaling about 1.65 billion dollars." date: 2026-11-09T08:56:36.741Z lang: en url: https://xab.info/en/posts/imf-begins-talks-ukraine-eff-program tags: [imf, ukraine, eff-program, macroeconomics, fiscal-policy, structural-reforms, funding] author: "Darya Fomina" publisher: "XAB.info" --- # IMF Begins Talks in Kyiv on Combined EFF Program Review: $1.65 Billion in Two Tranches at Stake ![Sign and emblem of the International Monetary Fund IMF on a building wall during credit negotiations](https://xab.info/media/2026/11/09/mvf-nachal-peregovory-s-ukrainoy-po-programme-eff/mvf-nachal-peregovory-s-ukrainoy-po-programme-eff-1.webp) ## Key Points - The IMF started consultations in Kyiv on the combined second and third reviews of the EFF program; the mission is led by Gavin Gray. - The focus of negotiations is macroeconomic and fiscal policy goals and the progress of structural reforms. - Following the review, Ukraine can receive two tranches totaling about 1.65 billion dollars. - In October, the IMF named conditions: continuation of reforms in revenue mobilization and public administration, support guarantees from partners. - In July, following the first review, the Fund already transferred about 690 million dollars to Ukraine. The International Monetary Fund (IMF) has launched consultations with Ukrainian authorities regarding the combined second and third reviews of the Extended Fund Facility (EFF) program. This was reported to RBC-Ukraine by the IMF resident representative office in Ukraine. Following this combined stage, Ukraine could receive two tranches totaling about 1.65 billion dollars, making the current negotiations a crucial link in Kyiv's further cooperation chain with the Fund under the ongoing financing program. ### Launch of the Mission and Its Composition Consultations with the Ukrainian side started on November 9, as announced by IMF Resident Representative in Ukraine Prishila Tofano. The Fund's mission in Kyiv is headed by Gavin Gray. The combined review format means that instead of two separate verification cycles, the Fund is assessing the implementation of conditions for two stages of the EFF program simultaneously, which accelerates decision-making on fund disbursement and reduces the number of intermediate procedures. ### Focus of Negotiations: Macroeconomics, Fiscal Policy, and Reforms The main focus during the consultations will be on the macroeconomic and fiscal policy goals that the Ukrainian authorities aim to achieve. Representatives of the Fund and the government will also discuss the progress of structural reforms. It is these areas that determine how well Ukraine is fulfilling its obligations under the program and whether it is ready to move to the next financing stage. ### What is at Stake: Two Tranches Worth $1.65 Billion We are talking about combining the second and third reviews of the EFF program, following which Ukraine can receive two tranches totaling approximately 1.65 billion dollars. The results of the current review will be of direct importance for Ukraine's further cooperation with the IMF under the active financing program: a positive mission conclusion paves the way for funds transfer, while identified remarks may require additional adjustments from the government. ### Conditions Set by the Fund in October In October, the IMF outlined conditions for Ukraine's further financing. To receive the next tranches, Kyiv must continue reforms in revenue mobilization and public administration, as well as obtain financial support guarantees from international partners. Thus, the current November negotiations logically continue the line set by the Fund a month earlier and check whether these conditions have been met or are in the implementation stage. ### Context: First Tranche Already Disbursed A reminder of the program's dynamics is important for understanding the scale: in July, the Fund already disbursed about 690 million dollars to Ukraine following the first program review. Thus, the combined second and third review, following which about 1.65 billion dollars is expected, will become the next major financing stage and will allow assessing the sustainability of Ukraine's macroeconomic trajectory against the backdrop of ongoing structural transformations. ## Fact-Check & Sources - [МВФ начал переговоры с Украиной по пересмотру программы финансирования EFF](https://www.rbc.ua/ukr/news/mvf-rozpochav-peregovori-ukrayinoyu-shchodo-1794214128.html) - Primary source: statement by the IMF representative office in Ukraine. Confirmed start of consultations on November 9, mission head Gavin Gray, resident representative Prishila Tofano, focus on macro/fiscal policy and reforms, two-tranche amount ~$1.65 billion, October conditions, and transfer of ~$690 million in July. ## FAQ ### What exactly is the IMF discussing with Ukraine now? The Fund is conducting a combined second and third review of the Extended Fund Facility (EFF) program, focusing on macroeconomic and fiscal policy goals and the progress of structural reforms. ### How much can Ukraine receive following these negotiations? Based on the results of the combined second and third reviews, the program could bring two tranches totaling about 1.65 billion dollars. ### Who heads the IMF mission in Kyiv? The mission is led by Gavin Gray; the start of consultations on November 9 was announced by IMF Resident Representative in Ukraine Prishila Tofano. ### What financing conditions did the IMF name in October? Continuation of reforms in revenue mobilization and public administration, as well as obtaining financial support guarantees from partners.