IMF approves $880m in new funds for Ukraine

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The International Monetary Fund (IMF) has said it will pay out USD 880 million in new funds to Ukraine as part of the country’s 48-month USD 15.6 billion loan programme designed to support its economic stability amid Russia’s ongoing invasion.

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The international lender said in a statement on Thursday that it „completed the third review” of the „Extended Fund Facility (EFF) for Ukraine” and that „the completion of the third review” enables the Ukrainian authorities to „immediately draw” USD 880 million.

The funding is intended to support Ukraine’s budget amid the Russian invasion, according to the statement.

The Ukrainian economy „continued to show remarkable resilience in 2023, although war-related headwinds are re-emerging, and the outlook remains subject to exceptionally high uncertainty,” the IMF said on its website.

It added that „sustained reform momentum is necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, enhance institutional reforms, and lay the groundwork for reconstruction efforts and the path to European Union (EU) accession.”

IMF Managing Director Kristalina Georgieva said: “Russia’s invasion of Ukraine continues to bring enormous social and economic costs to Ukraine. However, macroeconomic and financial stability has been preserved, reflecting skillful policymaking by the Ukrainian authorities as well as substantial external support.”

Georgieva added, as cited by the IMF on its website, that the Ukrainian economy „has been resilient, with stronger-than-expected macroeconomic outturns” last year.

She cautioned that „the ongoing war continues to strain Ukraine’s public finances” and that “steadfast reform momentum … will be essential to help contain fiscal risks, enhance growth and support the path to EU accession.”

In June 2022, European Union leaders formally approved Ukraine as a candidate to join the 27-nation bloc.

(gs)

Source: PAP, ukrinform.net, imf.org

Radio Poland

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