Ukraine is negotiating an EFF worth 8.1 billion dollars: The program is aimed at servicing public debt, not at current financing

Ukraine is negotiating an EFF worth 8.1 billion dollars: The program is aimed at servicing public debt, not at current financing

The new 4-year credit program with the IMF under the Extended Fund Facility (EFF) worth $8.1 billion, announced yesterday, will not fully cover Ukraine’s future repayments for previously received loans from the International Monetary Fund.

This is confirmed by the latest official IMF schedule dated October 1, 2025.

At the same time, it should be noted that the credit program has not yet been approved, and its approval requires meeting a number of complex conditions.

In total, Ukraine is expected to repay the International Monetary Fund 6.19 billion SDRs:

- November-December 2025 — 330.2 million;

- 2026 — 2 billion SDRs;

- 2027 — 1.3 billion SDRs;

- 2028 — 992.9 million SDRs;

- 2029 — 1.6 billion SDRs.

If converted from the IMF currency (Special Drawing Rights) to dollars, the amount to be repaid will be at least $8.4 billion, which exceeds the $8.1 billion that Ukraine is currently negotiating with the fund for the next 4 years.

This amount is minimal, as Ukraine’s repayment schedule was compiled at the beginning of October and does not account for the new EFF program, which has not yet received final approval from the IMF Board of Directors and was only discussed at the staff level. When new tranches from the mentioned $8.1 billion are added to the existing repayments, the volume of regular payments will increase significantly.

In this context, it becomes clear that the Ukrainian authorities are seeking to obtain a new credit program not for current state financing, but for servicing the public debt. In simpler terms, to avoid default on obligations to the IMF.