IMF prepares mission to review programme, paving way for US$900 million tranche
The International Monetary Fund (IMF) is preparing a mission for the second review of the Extended Fund Facility (EFF) programme, which will allow Ukraine to attract the next tranche of approximately US$900 million in assistance.
Source: Denys Shmyhal, Ukraine’s Prime Minister, on Facebook following an online conversation with Alfred Kammer, Director of the IMF's European Department
Quote: "We discussed the implementation of reforms and the fulfilment of structural benchmarks. We noted progress in this direction. We discussed the issues of financing the state budget deficit, supporting small and medium-sized businesses, as well as measures aimed at economic growth.
I welcomed the reopening of the IMF office in Ukraine. This is a positive signal to all our partners that Ukraine remains stable and continues to change," the prime minister wrote.
Background:
- On 25 September, the IMF mission began technical discussions with representatives of Ukraine in Warsaw in preparation for the second review of the EFF programme.
- In June, the IMF Board of Directors completed the first review of the EFF programme for Ukraine, with Ukraine receiving about US$890 million to be used for budget support.
- In March, the IMF Executive Board approved a four-year, US$15.6 billion financing package for Ukraine to help the country meet its urgent financing needs amid the ongoing war. In total, this year, Ukraine can receive three tranches from the IMF totalling SDR 3.3 billion (US$4.5 billion).
- Subsequently, the IMF published 19 structural benchmarks that Ukraine promised to fulfil as part of a US$15.6 billion cooperation programme.
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