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IMF: Ukrainian economy shows signs of 'stronger-than-expected' recovery

by Abbey Fenbert November 11, 2023 3:49 AM 2 min read
IMF European Department Deputy Director Uma Ramakrishnan, Head of the IMF Mission to Ukraine Gavin Gray, and Deputy Head of the IMF Mission to Ukraine Nathan Epstein (L to R) at a press conference in Kyiv, Oct. 4 2023. (Ruslan Kaniuka / Ukrinform/Future Publishing via Getty Images)
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Ukraine's economic outlook for 2023 has exceeded expectations, the International Monetary Fund (IMF) said in a statement Nov. 10.

The IMF upgraded Ukraine's 2023 GDP growth to 4.5%, up from a range of 1-3% predicted in July.

"The Ukrainian economy continues to show remarkable resilience and further signs of stabilization as recent economic developments point to a stronger-than-expected economic recovery in 2023," IMF official Gavin Gray said.

Gray led an IMF team that met with Ukrainian officials in Warsaw, Poland, to discuss the second review of Ukraine's four-year funding agreement under the Extended Fund Facility (EFF).

The EFF plan aims to preserve Ukraine's economic stability while allowing the country to pursue reforms over the next four years that will facilitate EU accession.

The deal grants access to $15.6 billion and was initially approved in March 2023. The first review of the arrangement was completed in June.

Gray said that parties to the Warsaw negotiations, held Nov. 6-10, had reached staff-level agreement on the second review and expected the IMF Executive Board to consider the agreement in the coming weeks.

With Board approval, the latest agreement will release a tranche of $900 million in funding.

“The financial system remains stable, liquid and highly provisioned thanks to extensive emergency measures, but continued vigilance is warranted given war-related uncertainty," Gray said.

The IMF said that Ukraine had met its quantitative performance criteria for end-June and indicative targets for end-September.

“Steadfast implementation of structural reforms, including in governance, anti-corruption and public investment management, will be crucial in laying the foundations for strong and sustained growth," Gray said.

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