Ukraine receives USD 2.7 billion from IMF

On April 3, the general fund of the state budget of Ukraine received the first tranche of USD 2.7 billion (2 billion special drawing rights) from the International Monetary Fund (IMF).

This follows from a statement by the Ministry of Finance, the Ukrainian News agency reports.

Funds received under the new four-year Extended Fund Facility (EFF) program for Ukraine totaled USD 15.6 billion (11.6 billion SDR).

On March 31, the Board of Directors of the IMF approved a new four-year extended financing program (Extended Fund Facility - EFF) for Ukraine with financing for USD 15.6 billion (11.6 billion SDR).

The program includes two stages.

The first phase, planned for 2023-2024, focuses on implementing a reasonable budget for 2023 and increasing revenue mobilization, including avoiding measures that could reduce tax revenues.

During the first stage, it is also expected to reduce inflation and maintain the exchange rate by supporting relevant foreign exchange reserves.

In addition, measures to promote long-term financial stability are expected, including the preparation of a more in-depth assessment of the banking sector's state and continuing to promote the independence of the NBU.

During the program's second stage, the focus will be on reforms that will help support post-war recovery and reconstruction as effectively as possible, as well as help Ukraine implement the necessary measures on the way to European integration.

Long-term economic growth is also one of the priorities of the second phase of the EFF program.

As the Ukrainian News agency earlier reported, Prime Minister Denys Shmyhal said that Ukraine expects the International Monetary Fund to launch a new multi-year program worth more than USD 15 billion in February.