IMF reaches agreement to lend $900 million to Ukraine

The International Monetary Fund (IMF) reported on May 30 that it had reached a staff-level agreement with Ukrainian officials that could lead to the disbursement of a $900 million tranche under the Extended Fund Facility (EFF) Arrangement.

According to the IMF, the agreement pertained to an "updated set of economic and financial policies" during the first-year review.

The IMF's EFF arrangement, typically lasting three to four years, is meant to provide extended financial support to countries in need and stabilize their economies.

The IMF's executive board still needs to approve the agreement in order for the $900 million tranche to be disbursed. Ukraine's EFF arrangement amounts to around $15.6 billion.

Gavin Gray, who led the IMF's team, said that "all quantitative performance criteria for end-April and structural benchmarks through end-May were met."

Ukraine's economy has "shown remarkable resilience" and "economic activity in the first quarter rebounded strongly," he said.

According to Gray, Ukraine's economy was expected to recover as it continued to adapt to wartime circumstances.

Ukraine war latest: Russia launches 2 large-scale attacks on Kyiv in less than 24 hours

Key Developments on May 29: * Ukraine’s air defense shoots down 11 ballistic, cruise missiles aimed at Kyiv Oblast during second attack in 24 hours * Russian forces attack several oblasts, killing 4 people and injuring 25 * Ukraine’s parliament votes in favor of additional sanctions against Iran…

The Kyiv IndependentKate Tsurkan