IMF approves first review of EFF program for Ukraine and allocates nearly $690 million
Kyiv • UNN
The IMF Executive Board completed the first review of the EFF program for Ukraine, allowing the allocation of a new tranche of about $690 million. The Fund urged Ukraine to accelerate reforms, particularly anti-corruption and governance reforms.
The Executive Board of the International Monetary Fund has completed the first review of the 48-month Extended Fund Facility (EFF) program for Ukraine, unlocking access to a new tranche of 503 million Special Drawing Rights (SDRs), or about 690 million dollars. This was reported on the IMF website, writes UNN.
Details
After the funds are received, the total amount of financing for Ukraine under the EFF program will reach approximately 1.6 billion SDRs, or about 2.2 billion dollars. The Executive Board also concluded the Article IV consultation with Ukraine.
The IMF noted that despite Russia's full-scale war, more difficult external conditions, and extremely high risks, Ukraine managed to maintain macroeconomic and financial stability thanks to prudent economic policy, implementation of the Fund's program, and substantial international support.
IMF calls on Ukraine to accelerate reforms
The Fund reported that all quantitative performance criteria for the end of March were met, but the target for net international reserves at the end of June was not achieved, in particular due to the impact of the war in the Middle East. The IMF also drew attention to the slowdown in the implementation of structural reforms, some of which were implemented with a delay.
Ukraine expects IMF approval of a $690 million tranche by mid-July26.06.26, 11:59 • 50573 views
IMF Managing Director Kristalina Georgieva stated that Ukraine continues to demonstrate resilience amid the war.
Ukraine continues to demonstrate impressive resilience in the face of Russia's devastating war. Sound policies, together with strong international support, have helped maintain macroeconomic and financial stability
The IMF emphasized that to maintain economic stability, it is necessary to continue prudent fiscal and monetary policies, step up domestic revenue mobilization, strengthen the fight against tax evasion, accelerate anti-corruption and governance reforms, improve the investment climate, and continue Ukraine's preparations for accession to the European Union.
The Fund also confirmed that the EFF program remains fully financed thanks to the support of Ukraine's international partners, including financing from the European Union, G7 countries, and other donors.