KYIV — The International Monetary Fund began a review of Ukraine's lending programme on Monday, November 9, that could unlock $1.67 billion (yaani about $167 crore) in fresh financing for Kyiv as it struggles to shore up its war-hit economy and plug a looming funding gap, Reuters reported.

Source: Reuters, Nov 9 2026

Cooperation with the IMF, Ukraine's key international lender, is critical to ensure funding from other partners and help maintain economic stability as the conflict with Russia grinds on and Kyiv faces a multi-billion financing shortfall for next year.

Two reviews combined into one mission

"Discussions will cover macroeconomic and fiscal policies, as well as key structural reforms," Priscilla Toffano, the IMF's resident representative in Ukraine, said in a statement. The review combines the second and third assessments of Ukraine's four-year IMF programme, potentially clearing the way for the disbursement of about $1.67 billion.

Ukraine's Cabinet of Ministers said Prime Minister Sergii Koretskyi spoke with Mateusz Szczurek, Director of the IMF's European Department, and the Fund's mission, and that the talks cover fiscal policy, the financial sector, tackling the shadow economy, the 2027 budget, and securing international financing for 2027–2028. Koretskyi said the meetings would also cover the budget and international financial aid for 2027. The Verkhovna Rada has supported the draft 2027 state budget in its first reading, and the government plans to refine it for the second reading after consultations with the IMF.

Source: Cabinet of Ministers of Ukraine, Nov 9 2026

The central bank said the IMF's team and Ukrainian officials would hold meetings in Lviv and Warsaw, with some experts joining the talks online. Teams from the Ministry of Finance and the National Bank of Ukraine will work on the issues jointly with the IMF mission.

$1.67 billionIMF financing the combined review could unlock (yaani about $167 crore)
$70 billionUkraine's funding gap next year, per Ukrainian officials (yaani about $7,000 crore)
-0.7%Ukraine's GDP change year-on-year in the third quarter
12.5%Inflation expected to reach this year, per Reuters reporting

An economy back in contraction

Ukraine's economy, battered by more than four years of war, is now in one of its most challenging periods due to intensified Russian air bombardments on businesses, energy infrastructure and revenue-generating sectors, Reuters reported. The economy slipped into contraction this year, with gross domestic product down by 0.7% year-on-year in the third quarter; the central bank expects GDP to slip by 0.4% in 2026. Inflation is on the rise and is expected to reach 12.5% this year.

As exports via the Black Sea ports are blocked and the main exporting sectors — agribusiness and the steel industry — are crippled, budget revenues are also falling below plan, deepening the shortfall the IMF money would only partly cover.

What is solid

  • The IMF mission began work on Monday on the combined second and third reviews of Ukraine's four-year programme, per Reuters and Ukraine's Cabinet of Ministers
  • A successful review could clear disbursement of about $1.67 billion
  • Meetings run in Lviv and Warsaw in hybrid format, covering fiscal policy, the financial sector, the shadow economy and the 2027 budget

What is only claimed

  • The $1.67 billion is conditional on the reviews being completed successfully — the money has not been approved or paid yet
  • The $70 billion figure for next year's funding gap is Ukrainian officials' estimate, not an IMF assessment

What happens next

The mission's findings will decide whether the combined reviews pass and the $1.67 billion is disbursed — a signal other lenders and donors watch before committing their own money for 2027. Kyiv's 2027 budget, now through its first reading, will be adjusted in line with the IMF consultations before its second reading. Even a successful review leaves most of the roughly $70 billion gap for next year to be filled by other partners.