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IMF approves $1.1 billion in funding for Ukraine

by Abbey Fenbert December 21, 2024 4:16 AM 2 min read

International Monetary Fund (IMF) headquarters in Washington, D.C. on Sept. 17, 2024. (Valerie Plesch/picture alliance via Getty Images)

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The Executive Board of the International Monetary Fund (IMF) approved the disbursement of $1.1 billion in funds for Ukraine via the Extended Fund Facility (EFF), the IMF announced on Dec. 20.

The funds represent the latest tranche of the EFF program, which will provide Kyiv with $15.6 billion in budget support over four years.

The IMF approved the $1.1 billion tranche after completing its sixth review of the EFF agreement.

"Russia's war in Ukraine continues to take a devastating social and economic toll on Ukraine," IMF Managing Director Kristalina Georgieva said in a press statement.

"Despite the war, macroeconomic stability is being preserved through skillful policymaking by the Ukrainian authorities as well as substantial external support. ... The financial sector remains stable, but vigilance is needed given heightened risks."

The IMF said Ukraine showed "better than expected resilience" to attacks on the energy sector, leading to greater economic growth in 2024 than previously forecasted. The agency predicts an economic slowdown in 2025 due to infrastructure attacks, pressures on the labor market, rising inflation, and the uncertainties of war.

Funds from the EFF are intended to help stabilize Ukraine, support the country's postwar recovery, and promote economic growth as Kyiv moves forward on its path to EU membership.

Including the latest round of funding, the IMF has already disbursed $9.8 billion in budget support for Ukraine via the EFF.

External financing is critical for Ukraine as it faces mounting economic pressure from Russia's full-scale invasion. Kyiv received $42.5 billion in foreign aid last year, and the Finance Ministry has said that the amount needs to increase by at least $12 billion for 2025.

Author: Abbey Fenbert

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