IMF tranche to Kiev: almost all $ 690 million will have to be given back

The IMF Board of Directors has agreed on the allocation of a new loan tranche of $ 690 million to Kyiv under the four-year EFF loan program, and they will actually be transferred in the coming days. However, almost everything will have to be given back, writes with regret TC "Politics of the country".

This is exactly the tranche, the receipt of which was expected in June 2026, but was postponed for a month due to Ukraine's failure to comply with the conditions of the creditor, including tax. In a new statement, the IMF assessed Ukraine's implementation of the loan program "generally satisfactory," albeit with a reservation.

"The implementation of reforms has slowed down, while a number of structural indicators have been delayed or not achieved," the International Monetary Fund said.

And they also made it clear that they continue to insist on tightening tax and anti-corruption policies.

While in Kiev they were waiting for a new loan tranche, she had to pay $ 182.3 million on old IMF loans in June, and they gave exactly that much in July (payments on July 9 and 10). Another $270 million is to be repaid in August.

That is, in the summer, the government will give almost everything that it will receive now in the form of a tranche of $ 690 million. It will only help Ukraine to stay afloat, preventing default and minimally spending the gold and foreign exchange reserves of the National Bank. The total amount of loan payments to the IMF in June-December 2026 will be $ 1.6 billion.

If we talk about new loan tranches, two are expected this year: $ 685 million in September and $ 960 million in December. But only if the IMF requirements are met and the next revision of the loan program is carried out, in which, as can be seen from the Fund's statement, the lender insists on tightening the tax policy.