Ukraine Receives $880 Million from IMF under Extended Financing Program

by Cheplyk Roman
Tuesday, March 26, 2024
Ukraine Receives $880 Million from IMF under Extended Financing Program

Prime Minister Denys Shmyhal announced that Ukraine has received an $880 million disbursement from the International Monetary Fund (IMF), marking the third tranche of financial support under the Extended Fund Facility (EFF) program

This contribution is part of the efforts to support Ukraine's economy amid its ongoing challenges.

The infusion of funds is aimed at covering priority budgetary expenses and ensuring the country's macro-financial stability. Shmyhal highlighted Ukraine's commitment to fulfilling its obligations to international partners and is already preparing for the next review of the program.

Expressing gratitude towards the IMF for its support and cooperation, Shmyhal's announcement underscores the critical role of international financial assistance in Ukraine's economic stabilization and reform efforts.

The EFF program, valued at $17.5 billion over four years, is central to the Ministry of Finance's strategy to stabilize Ukraine's economy and spur growth beginning in 2016. Its objectives include bolstering the National Bank of Ukraine's reserves, preventing capital outflows, supporting government measures to stabilize the balance of payments, and aiding in addressing structural economic issues through necessary reforms.

Key reforms under the EFF program have addressed energy, banking, the independence of the National Bank, public finance improvement, state-owned enterprise reform, and anti-corruption measures, demonstrating Ukraine's ongoing efforts to overhaul its economy and governance structures.

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