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President Volodymyr Zelensky's government has secured the long-awaited new IMF loan tranche of nearly $700 million as well as the extension of its $5 billion stand-by program through June 2022.
The Washington-based organization said on Nov. 22 that the program is to help Ukraine address the effects of Covid-19 shock and continue its economic recovery.
The IMF had given Ukraine, one of Europe’s poorest countries, a loan deal last year as the country struggled through recession due to the coronavirus pandemic. But the loan disbursal has stalled due to concerns about reform progress and the independence of the central bank.
The latest agreement is a boost for Zelensky’s government struggling to meet reform targets set by the lender, such as strengthening the anti-corruption framework and the judiciary.