The Executive Board of the International Monetary Fund (IMF) has completed the third review of the program under the Extended Fund Facility (EFF) for Ukraine. The review noted the significant progress of the Government of Ukraine in implementing measures under the EFF program. This was reported by the Ministry of Finance, UNN reports.
Details
It is noted that Ukraine has fulfilled all four structural milestones envisaged for the third review. In particular, the National Revenue Strategy was adopted, a roadmap for public investment management was developed, measures were developed to mobilize state budget revenues in 2024, if necessary, and legislation was adopted to strengthen the institutional autonomy and effectiveness of the SAPO.
Cooperation with the IMF continues to be an integral part of maintaining fiscal and monetary stability and stimulating economic recovery. The Ukrainian authorities are making every effort to fulfill all the conditions of the EFF program. It is important that this allows us to attract additional financial assistance, but first and foremost, Ukraine needs to implement all these measures and policies. Each of the structural pillars is a stabilizing factor that helps to maintain the stability of Ukraine's financial system despite the war. I am grateful to the Government of Ukraine, the National Bank of Ukraine and the IMF for their constructive cooperation on this path
Why it matters
The successful completion of the review paves the way for Ukraine to receive the fourth tranche of EFF financing in the amount of about USD 880 million (SDR 663.9 million) in the near future.
The State Budget of Ukraine has already received three tranches of the IMF EFF program totaling about USD 4.5 billion. In 2024, the program provides for USD 5.4 billion of budgetary assistance to Ukraine.
For reference
On March 31, 2023, the IMF Executive Board approved a new four-year Extended Fund Facility (EFF) program for Ukraine with funding of about USD 15.6 billion (SDR 11.6 billion). This program is part of the overall package of international support for Ukraine, which currently stands at around USD 122 billion.