Ukraine is preparing for the second revision of its program with the IMF.

A review of the EFF program is expected in October, said the head of the Ministry of Finance, Serhii Marchenko, at the EBA Global Outlook meeting.

According to the minister, it is necessary to demonstrate the implementation of agreements within the program’s framework since the country’s critical dependence on external financing and the trust of donors remains. Marchenko clarified that if the second revision of the decision on allocating the third tranche under the EFF program is successful, the IMF can decide as soon as in November.

It will be recalled that the IMF approved the EFF program for Ukraine on March 31 of this year, allocating the first tranche of $2.7B in early April. The fund approved the second tranche under the EFF program at the end of June, and Ukraine received these funds at the beginning of July, approximately $800M.

The program’s planned schedule envisages the allocation to Ukraine of two more tranches, each of approximately $880M, in October of this year and at the end of February 2024, based on the results of reviews when Ukraine’s fulfillment of its obligations is assessed.