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IMF to release $890 million tranche for Ukraine

by Martin Fornusek June 29, 2023 11:27 PM 2 min read
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The International Monetary Fund (IMF) completed the first review of the extended arrangement under the Extended Fund Facility (EFF) for Ukraine, allowing the release of $890 million, the IMF announced on June 29.

Ukraine has made strong progress towards its commitments under the EFF despite Russian aggression, the press release said.

According to the IMF, the country has met all quantitative performance criteria through end-April and structural benchmarks through end-June.

"Continued strong ownership and reform momentum are necessary to safeguard macroeconomic stability, enhance institutional reforms, and support reconstruction efforts while facilitating Ukraine's path to EU accession," said the official statement.

The IMF approved a $15.6 billion support package for Ukraine under the EFF's arrangement on March 31. The latest tranche in question was agreed on staff level on May 30.

With the EFF backing, Ukraine's 2023-2027 plan aims to secure macroeconomic stabilization and undertake critical structural reforms during the war and subsequently to ensure medium-term external viability, support sustained growth, and facilitate Ukraine's path to EU accession.

Among the concrete goals of the support program, the document listed maintaining a strong tax revenue base, supporting steady disinflation and exchange rate stability, ensuring debt stability and health of the banking system, and governance and anti-corruption reforms to ensure post-war growth.

The IMF complimented Ukraine's sustained economic growth despite the ongoing Russian invasion but warned that uncertainty about future development still persists.

"After a sharp contraction in 2022, economic activity has been more resilient than expected, with growth upgraded to 1–3% in 2023 as domestic demand recovers," the statement said.

The total damages in Ukraine caused by Russia's war have reached almost $143.8 billion, according to the Kyiv School of Economics.

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