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IMF launches fund for supporting Ukraine's reforms

by Martin Fornusek October 15, 2023 6:55 PM 1 min read
Andrii Pyshnyi (third from the right), the head of the National Bank of Ukraine, during the launch of the IMF's Ukraine Capacity Development Fund at the IMF-World Bank conference in Marrakech, Morocco, on Oct. 14, 2023. (Andrii Pyshnyi/Facebook) 
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The International Monetary Fund (IMF) had launched a fund for supporting reforms in Ukraine, Andrii Pyshnyi, the head of Ukraine's National Bank, said on Oct. 14.

The international organization made the announcement during a week-long IMF-World Bank conference in Marrakech, Morocco.

According to Pyshnyi, donors have already allocated $14 million to the IMF's Ukraine Capacity Development Fund, with the goal being to raise $65 million.

In March, the IMF approved an agreement with Ukraine under the Extended Fund Facility (EFF) for four-year financing aid worth about $15.6 billion, part of an overall $115 billion package.

In a first review of the program in June, the IMF said that Ukraine had made strong progress towards its commitments despite Russian aggression.

Internal reforms are a crucial step on Ukraine's path toward European integration. The EU Commission presented seven steps Kyiv should carry out in order to launch the accession process.

According to Deputy Prime Minister for European and Euro-Atlantic Integration Olha Stefanishyna, Ukraine has already "fulfilled the EU recommendations on the necessary legislative work in the judicial and media spheres."

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