IMF payment of $690m postponed: Ukraine to receive funds later

Ukraine will likely not receive the $690 million payment from the International Monetary Fund scheduled for October. This is the third tranche under the four-year Extended Fund Facility (EFF) programme, which totals $8.1 billion.

Change in programme review schedule

IMF spokesperson Julia Kozak stated that the Fund intends to consider two or three programme performance reviews at a single Board of Directors meeting by the end of December. Exact dates for these meetings have not yet been announced.

The Ukrainian Ministry of Finance confirmed that it does not expect the $690 million to arrive in the current month. The ministry attributes this to Ukraine's slow implementation of the creditor's requirements.

Expected funding volumes by year-end

Previously, two further payments were planned, subject to meeting established criteria: $690 million in October and $960 million in December. Now, a single combined disbursement of $1.65 billion is expected by the end of the year instead.

It is worth noting that in 2024, Ukraine has already received two tranches from the IMF:

• $1.5 billion in March;
• $690 million in July.

Obligations to the creditor

Despite changes in the disbursement schedule, Ukraine continues to fulfil its obligations regarding the repayment of previous IMF loans. In September 2024, the country transferred $268.8 million to the Fund, and in October it will have to pay a further $271 million.

The total volume of government payments to the IMF for the period from October to December 2024 will amount to $715.4 million. This sum is almost equal to half of the amount of funds Ukraine had expected to receive during the same period.