Ukraine lacks $63 billion: the government and the IMF have determined a financing plan for 2026–2027

Ukraine and the International Monetary Fund have agreed on a further work plan for financing the state in 2026–2027 and preparing the budget for 2027. At the same time, the financial gap of $63 billion has not yet been closed, and receiving the next IMF tranche of $1.66 billion will depend on Ukraine fulfilling a number of conditions.

Prime Minister Serhiy Koretsky met with the International Monetary Fund mission led by Gavin Gray in Kyiv. The parties discussed Ukraine’s financial needs, possible sources of deficit coverage, and the parameters of the future state budget.

What Ukraine and the IMF have agreed to do

Following the results of the negotiations, the parties agreed on a further work plan. It provides for clarifying the state’s financial needs, searching for potential sources of external assistance, agreeing on macroeconomic forecasts, and preparing realistic budget indicators for 2027.

Ukraine should also continue implementing the reforms and structural beacons provided for in the cooperation program with the IMF, and prepare for the next review of the program.

This is a plan for further work, not a final agreement on providing Ukraine with all the necessary funding.

Ukraine needs to find another $63 billion

Ukraine’s total financial gap in 2026–2029 could be about $136.5 billion.

About $63 billion of this amount falls on 2026–2027 — even taking into account international assistance already confirmed by partners.

Financial needs are primarily related to large defense expenditures, financing social programs, rebuilding destroyed infrastructure, supporting the energy sector, and servicing the state debt. Additional uncertainty is created by the duration and intensity of the war.

How much money has Ukraine already received from the IMF

In February 2026, the IMF Executive Board approved a new four-year Extended Fund Facility program for Ukraine totaling $8.1 billion.

Under the program, Ukraine has already received:

$1.5 billion — March 3;
about $690 million — July 23.

In total, this is about $2.19 billion.

At the same time, the IMF program is important not only because of direct lending. Successfully passing its reviews may affect decisions on financing Ukraine by the EU, the World Bank, the G7 countries and other international partners.

Will Ukraine receive a tranche of $1.66 billion

A decision on the next tranche of $1.66 billion has not yet been made.

Among the problems is Ukraine’s lagging behind in the schedule for fulfilling certain structural obligations, in particular, the slow adoption of necessary laws and insufficient progress on some reforms.

At the same time, it is premature to talk about the final loss of the tranche. Ukraine can fulfill the necessary conditions before the program review is completed, and certain deadlines may be postponed in agreement with the IMF.

The final decision will depend on the results of the mission, agreements at the IMF staff level, and the subsequent vote of the Fund’s Board of Executive Directors.

Failure of laws in the Rada may affect international financing

Previously, President Volodymyr Zelenskyy stated that the Verkhovna Rada did not support three bills, the adoption of which could open Ukraine access to over $4 billion in international financing. Two documents related to the IMF program.

At the same time, this does not mean an automatic loss of the entire amount. Failure to fulfill the relevant conditions may delay the program review, complicate obtaining the next tranche, and affect the decisions of other creditors.

Why the IMF is analyzing Ukraine’s budget for 2027

A separate topic of negotiations is the future state budget. It should show how much revenue Ukraine can provide independently and how much international assistance will be needed.

The IMF analyzes the economic growth forecast, inflation, budget revenues, defense and social spending, deficit, public debt and Ukraine’s ability to meet debt obligations.

The main factor of uncertainty remains the war, as the volume of public spending directly depends on the intensity of hostilities, the scale of Russian attacks and the needs of the Defense Forces. That is why the government and the IMF are considering several possible scenarios for the development of the situation.