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IMF launches fund for supporting Ukraine's reforms

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IMF launches fund for supporting Ukraine's reforms
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) 

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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Martin Fornusek

Senior News Editor

Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press. He was also volunteering as an editor and translator at the Czech-language version of Ukraïner. Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.

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