Ukraine receives $890 million from IMF

July 4,2023 818
Ukraine receives $890 million from IMF

Ukraine received USD 890 million into its state budget from the International Monetary Fund. This is the second tranche of the expanded financing program, which began in March 2023.

“Currently, Ukraine has already received USD 3.59 billion from the IMF. The total financing under the Program is USD 15.6 billion (11.6 billion SDR),” the Ministry of Finance of Ukraine reported.

Ukraine fulfilled all obligations for April and structural benchmarks for the end of June. After reviewing the program, the IMF Board of Governors approved the immediate allocation of the second part of the financing. The funds will be used to support the budget, the Ministry of Finance says.

“Experts and IMF management noted the strong progress of the Ukrainian side in the implementation of structural measures and quantitative performance criteria determined under the Program. Thanks to the funds provided, we are able to continue to maintain economic stability in Ukraine and ensure priority expenditures of the State Budget,” the Minister of Finance of Ukraine Sergii Marchenko said. 

The Extended Fund Facility (EFF) program is scheduled for 4 years. This is part of a USD 115 billion financial aid package. Ukraine received the first tranche in early April 2023. The EFF aims to improve economic governance and strengthen institutions to promote long-term growth and European integration, the Ministry of Finance explains.

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