Ukraine received the second tranche under the EFF program — approximately $690 million (503 million SDR). According to Prime Minister Serhiy Koretskyi, the funds have been credited to the state budget and will go toward "priority expenditures and macrofinancial stability." In total, under the new four-year program, Ukraine has received $2.2 billion out of $8.1 billion.
However, along with the tranche, the IMF Executive Board also published its assessment — and it is not entirely laudatory.
Where Kyiv fell short
The IMF confirmed that all quantitative indicators as of the end of March have been met. However, structural reforms are behind schedule. Some measures have been implemented with delays, others have been postponed. The fund separately noted that the target level of net international reserves at the end of June was not achieved — this is attributed to the consequences of the Middle East situation and strikes on critical infrastructure.
"The implementation of some structural reforms has been delayed. The authorities have agreed on corrective measures and revised timelines."
IMF, following the first review of the EFF program
Among the areas where the fund expects acceleration: fiscal, anti-corruption, energy, and financial. A notable detail: the IMF approved the tranche despite non-compliance with the condition regarding the adoption of a law on taxation of international parcels worth up to €150 — that is, it made an exception but recorded it.
Scale: third largest donor since the start of the full-scale invasion
With the second tranche factored in, total IMF financing to Ukraine since the start of the full-scale invasion will reach $15.6 billion — making the fund the third largest donor by volume during this period. The program runs until 2029, and subsequent tranches depend on subsequent reviews.
In parallel, this year's budget deficit remains around $20 billion — $690 million covers only a small portion of it. The rest is to be covered by bilateral donors and EU credit: in December 2025, Brussels approved the Ukraine Support Loan of €90 billion for 2026–2027.
What's next
The Koretskyi government publicly promised to accelerate reform implementation. However, the IMF has already warned: backsliding is unacceptable. If structural commitments are again implemented with delays by the next review — the fund may not make another "exception."
The question is not whether the third tranche will arrive, but whether Kyiv will manage to show real progress in anti-corruption reform and energy — two areas where the lag is most noticeable — by the next review.
