Le FMI engage des discussions avec Kyiv sur deuxième et troisièmeexamens de son programme EFF
Une mission du FMI doit entamer des discussions avec les autorités ukrainiennes sur les deuxième et troisième examens de la Facilité de financement élargi. Le combined exam should be submitted to the IMF Executive Board before December, and a positive decision would unlock about $1.65 billion for Ukraine.
L'essentiel
- The IMF mission will assess recent economic developments, Ukraine’s compliance with program commitments and the availability of financing guarantees.
- The discussions will cover growth, inflation, the 2027 fiscal plan and financing needs amid intensified Russian attacks.
- The combined second and third reviews are planned for consideration by the Executive Board before December.
- A positive decision would make about $1.65 billion available to Ukraine.
- Ukraine’s external state-budget financing needs for 2027 amount to $52.6 billion, with about $32.6 billion still requiring confirmation.
- Kyiv expects the EU to cover two-thirds of the additional external financing requirement.
- The IMF completed the first review in July and disbursed a $690 million second tranche, bringing total EFF financing received to $2.2 billion.
Pourquoi c’est important
A favorable decision by the IMF Executive Board would make approximately $1.65 billion available to Ukraine. The reviews will also test the country’s economic performance and compliance with program commitments amid intensified Russian attacks. The outcome is particularly important given Ukraine’s $52.6 billion external state-budget financing requirement for 2027, including about $32.6 billion that still lacks confirmation.
Ce qui s’est passé
An IMF mission is due to begin discussions with the Ukrainian government on the second and third reviews of the country’s Extended Financing Facility, or EFF, program. The Fund will examine recent economic developments, Ukraine’s fulfillment of its commitments and the guarantees of financing available to it. The discussions will also address macroeconomic prospects affected by stronger Russian attacks, including growth forecasts, inflation, the 2027 fiscal plan and financing needs. The IMF plans to present the combined review to its Executive Board before December. If the Board gives a positive decision, Ukraine will be able to receive about $1.65 billion.
Ce qu’en disent les sources ukrainiennes
Ukrainian reporting emphasizes the scale of the country’s external budget financing requirement for 2027 and the importance of confirming all funding sources before the IMF mission arrives in November. Kyiv expects the EU to cover two-thirds of the additional requirement and also plans to involve other international partners. The reports also draw attention to the structural benchmarks added to the EFF program and Ukraine’s broader external financing package.
Ce qu’en disent les sources internationales
Both Ukrainian-language reports focus on the scope and timing of the IMF reviews, with the potential disbursement serving as the central international financing outcome.
Là où les récits divergent
The reports disagree on when the four-year, $8.1 billion EFF program was approved: one says late February 2025, while the other says late February 2026.
Contexte
The four-year EFF program worth $8.1 billion was approved in late February, according to the reports, although they differ on the year. The IMF completed its first review in July and disbursed a second tranche of $690 million, bringing Ukraine’s total program financing to $2.2 billion. The updated program added eight structural benchmarks, seven related to fiscal policy, and the first review recorded delays in meeting some benchmarks. The EFF program is part of a broader external financing package of $136.5 billion for 2026–2029 under the baseline scenario.