IMF Mission Begins Discussions On First Review Of Ukraine's Financing Program

The mission of the International Monetary Fund (IMF) begins the discussion of the first review of Ukraine's financing program.

This is stated in the message of the IMF, Ukrainian News Agency reports.

"The IMF mission headed by Gavin Gray with representatives of the Ukrainian authorities is starting today to discuss measures in the context of the first review of the Enhanced Fund Facility (EFF)," Vahram Stepanyan, permanent representative of the International Monetary Fund in Ukraine, said.

He did not provide any other details.

Prior to this, the IMF mission worked online at the beginning of March this year.

As Ukrainian News Agency earlier reported, at the beginning of April 2023, the Board of Directors of the International Monetary Fund approved a new four-year extended financing program (Extended Fund Facility - EFF) for Ukraine in the amount of USD 15.6 billion (11.6 billion SDR).

The first phase, scheduled for 2023-2024, will focus on implementing a credible budget for 2023 and increasing revenue mobilization, including by avoiding measures that could reduce tax revenues.

The first stage also involves reducing inflation and maintaining the exchange rate, including through the support of relevant foreign exchange reserves.