Ukraine will soon receive the first tranche of UAH 2.7 billion from the IMF – Ministry of Finance
Today, the IMF Board of Directors approved a new financing program for Ukraine in the amount of US$15.6 billion.
The Ministry of Finance confirmed the information on the approval by the Executive Board of the International Monetary Fund of a four-year financing package for Ukraine in the amount of $15.6 billion.
“The Board of Directors of the International Monetary Fund has approved a new four-year Extended Fund Facility (EFF) program for Ukraine with financing in the amount of $15.6 billion (11.6 billion SDRs),” the Ministry of Finance said in a statement on its website.
They expect that Ukraine can receive the first tranche from the fund in the amount of about $2.7 billion in the near future.
As Minister of Finance of Ukraine Serhiy Marchenko noted, the EFF program will significantly strengthen the economy and financial system of our country, at the same time it will help mobilize additional financial resources from donors.
Earlier, Reuters reported that the IMF had agreed $15.6 billion in financing for Ukraine, citing its own sources.
At the time, the publication noted that this loan is the largest for Ukraine since the full-scale invasion of Russia on February 24, 2022 and the first large package approved by the IMF for a country involved in active conflict.
Cooperation between Ukraine and the IMF after a full-scale invasion
As UNIAN reported, on October 17, 2022, the IMF began work on a new program for Ukraine.
In December 2022, the IMF approved a new four-month program for Ukraine.
On February 13, 2023, the IMF mission began preparations for the revision of the monitoring program in Ukraine, and on March 8, discussions with representatives of the Ukrainian authorities regarding a potential program.
On March 21, Ukraine and the International Monetary Fund reached agreements at the staff level on a new program. Then it became known that Ukraine could receive from the IMF not only a monitoring program with a list of actions, but also solid financial assistance – about $4.5 billion in 2023.