The Board of Directors of the International Monetary Fund has completed the eighth review of the Extended Fund Facility (EFF) program for Ukraine. Following the review, a decision was made to provide the country with approximately 500 million US dollars, which will be directed towards supporting the state budget.
This is reported by Finway
Compliance with Criteria and Next Steps
According to the IMF press service, the Ukrainian economy is demonstrating resilience even in challenging conditions, and the country’s government has met all quantitative performance criteria as of the end of March. In addition, prior measures have been adhered to, and two structural benchmarks necessary for the next program review have been fulfilled.
“Despite the challenges, progress in mobilizing domestic revenues, strengthening the investment climate, improving governance, and completing the debt restructuring strategy is essential for restoring fiscal and debt sustainability and supporting growth. Full and timely provision of external support during the program period remains a prerequisite for macroeconomic stability,” the statement said.
Total Financing Volume and Program Conditions
After this tranche, the total disbursements to Ukraine under the IMF-supported EFF program will reach 10.6 billion US dollars. It is worth noting that the EFF program for Ukraine is designed for 48 months and provides access to financing of approximately 15.5 billion US dollars. It is part of a broader package of international support, totaling 152.9 billion US dollars.
On May 20, the IMF announced the start of a new, subsequent review of the extended funding program for Ukraine, emphasizing the ongoing focus on meeting program conditions and supporting the country’s economic stability.