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IMF reaches agreement to lend $900 million to Ukraine

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by Kate Tsurkan

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.

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The Kyiv IndependentKate Tsurkan
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Kate Tsurkan

Culture Reporter

Kate Tsurkan is a reporter at the Kyiv Independent who writes mostly about culture-related topics. Her newsletter Explaining Ukraine with Kate Tsurkan, which focuses specifically on Ukrainian culture, is published weekly by the Kyiv Independent and is partially supported by a generous grant from the Nadia Sophie Seiler Fund. Kate co-translated Oleh Sentsov’s “Diary of a Hunger Striker,” Myroslav Laiuk’s “Bakhmut,” Andriy Lyubka’s “War from the Rear,” and Khrystia Vengryniuk’s “Long Eyes,” among other books. Some of her previous writing and translations have appeared in the New Yorker, Vanity Fair, Harpers, the Washington Post, the New York Times, the Los Angeles Review of Books, and elsewhere. She is the co-founder of Apofenie Magazine and, in addition to Ukrainian and Russian, also knows French.

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