On November 11, the International Monetary Fund officially confirmed that it has already improved the growth forecast of the Ukrainian economy to 4.5% by the end of 2024.
Ukraine's economy will grow, despite the war
IMF specialists do not hide that they highly appreciated the extraordinary stability of the Ukrainian economy. This was reported by the press service of the National Bank of Ukraine based on the results of the work of the IMF Mission with Ukraine.
In addition, it is emphasized that the latest economic data indicate a much more substantial than previously forecast economic recovery in 2023, as well as a significant decrease in inflation rates with significant international reserves and a stable foreign exchange market.
According to representatives of the National Bank of Ukraine, considering all these facts, IMF experts have concluded that a more substantial recovery of the Ukrainian economy can be expected.
They raised their estimate of real GDP growth in 2023 to 4.5%, although at the time of approval of the first review of the EFF program, this indicator was estimated in the range of 1% to 3%, the regulator emphasizes.
However, it has also warned that growth will slow to 3-4% next year as the war continues.
In addition, it is emphasized that the risks of forecast deterioration remain significant.
The IMF and Ukraine agreed on the next tranche
On November 11, it was also officially announced that Kyiv and the IMF team were able to reach staff-level agreements on the second review of the Enhanced Financing Facility (EFF), which paves the way for a tranche of about $900 million.
I am pleased to announce that IMF staff and the Ukrainian authorities have reached a staff-level agreement on the second review of the EFF. The agreement is subject to approval by the IMF's executive board, which is expected to be reviewed in the coming weeks, IMF representative Gavin Gray said in a statement.
