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Bloomberg: Ukraine nears agreement with IMF on $900-million tranche

by Kateryna Denisova February 21, 2024 11:39 PM 2 min read
The seal of the International Monetary Fund (IMF) is seen outside of a headquarters building in Washington, DC on April 7, 2021. (Mandel Ngan/AFP via Getty Images)
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Ukraine and the International Monetary Fund (IMF) are moving closer to an agreement to disburse $900 million to Kyiv from its $15.6 billion loan as U.S. aid remains stalled, Bloomberg reported on Feb. 21, citing unnamed officials familiar with the talks.

Ukraine expects to reach an agreement as early as Feb. 22 after two weeks of discussions about the government's ability to finance operations in the event further U.S. funding fails to pass in Congress, according to Bloomberg’s sources.

The Senate on Feb. 13 passed a bill containing $60 billion in aid for Ukraine, after months of deadlock. The bill now faces an uphill battle in the Republican-led House of Representatives.

An IMF spokesman told Bloomberg that its team is currently in Warsaw for talks with Ukrainian officials and that further details were forthcoming.

This would be the first of four disbursements Kyiv expects this year, totaling $5.4 billion. The IMF approved an agreement with Ukraine for four-year financing aid worth about $15.6 billion in late March 2023. It was the first time the IMF lent to a country during a war.

The payment could become the second-largest financial lifeline for Ukraine after EU grants and loans if the U.S. does not approve more aid.

In December 2023, the IMF authorized the disbursement of another $900 million tranche of funding for Ukraine under the Extended Fund Facility (EFF) following approval of the second review of the agreement.

The EFF funds are meant to lend Ukraine stability amid the disruptions of war, support the country's postwar recovery, and promote economic growth as Ukraine moves forward on the path to EU membership.

Ukraine Business Roundup — February 20
The following is the Feb. 20, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Tokyo summit Japanese and Ukrainian representatives met in Tokyo on Feb. 19 to foster dialogue between bo…
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