The IMF made a decision to revise Ukraine's lending program, which allows for a tranche of $900 million.
What is known about the new lending program for Ukraine from the IMF
According to Vladyslav Rashkovan, Representative of Ukraine to the IMF, the IMF Executive Board decided to review the extended lending program to Ukraine.
He released a video in which IMF managing director Kristalina Georgieva confirmed information about the review of the program. The video also features the President of Ukraine, Volodymyr Zelenskyy.
Rashkovan noted that Ukraine is currently preparing for the third revision of the program, which may take place as early as next spring.
What is the IMF's statement about
The Fund's statement, released on the evening of December 11, said the Fund's Executive Board concluded the 2023 Article IV consultations and re-examination of the EFF (Enhanced Financing Facility) mechanism for Ukraine, which "will allow the authorities to receive approximately $900 million immediately.
The IMF noted that Ukraine's 48-month EFF agreement with $15.6 billion in access was approved on March 31, 2023, and is part of Ukraine's $122 billion support package.
The Authority's IMF-supported program aims to entrench policies that support financial, external, price and financial stability in a period of exceptionally high war-related uncertainty, support economic recovery, and improve governance and strengthen institutions to promote long-term development, in the context of recovery and Ukraine's path to joining the EU, the statement states.
The IMF also said that the Ukrainian side fulfilled all quantitative performance criteria at the end of June and estimated target indicators at the end of September. Most of the structural benchmarks at the end of October were also met, while the rest were completed with some delay. In addition, the government continues to advance its governance and anti-corruption program.
What they say in Ukraine
The Prime Minister of Ukraine, Denys Shmyhal, confirmed that the IMF's decision allows Ukraine to receive a tranche of €900 million.
The Foundation noted our achievements in the implementation of the program and reforms, despite the full-scale war. Ukraine has fulfilled all the set "lighthouses", in particular legislative initiatives to improve the Budget Code, strengthen tax policy, anti-corruption measures, etc., the head of government emphasized.
The head of government also said that the program, within the framework of the Extended Financing Mechanism for Ukraine, generally provides for the allocation of $15.6 billion over four years to support economic stability and recovery of the country.
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