Ukraine receives USD 880 million from IMF

Ukraine received USD 880 million from the International Monetary Fund (IMF).

This was announced by Prime Minister Denys Shmyhal in Telegram, Ukrainian News Agency reports.

This is the third tranche of financial support within the framework of the Extended Fund Facility (EFF) program.

The funds will help cover priority budget expenditures and maintain macro-financial stability.

"Ukraine continues to successfully fulfill its obligations to its partners. We are already preparing for the next review of the program. We are grateful to the IMF for its support and cooperation!" the Prime Minister concluded.

As Ukrainian News Agency earlier reported, the decision of the IMF Board of Directors regarding the third review of the program was preceded by a Staff-Level Agreement reached on February 23, 2024.

On March 31, 2023, the Board of Executive Directors of the International Monetary Fund approved the four-year program "Extended Fund Facility" for Ukraine.

The program provides for measures to support fiscal, external, price and financial stability and economic recovery in a period of high uncertainty, as well as improve corporate governance and strengthen state institutions with the aim of post-war reconstruction and Ukraine's acquisition of membership in the European Union.

The EFF program is implemented in two stages (war and post-war) and provides access to credit funds from the IMF in the amount of SDR 11.6 billion (equivalent to USD 15.6 billion).

In 2023, Ukraine received three tranches from the IMF for a total amount of SDR 3.3 billion (USD 4.5 billion).

This year, Ukraine is able to receive four tranches from the IMF with a total volume of SDR 4 billion (USD 5.4 billion in equivalent), including financing that should come in the near future.