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Shmyhal: Ukraine receives $880 million from IMF

by Nate Ostiller and The Kyiv Independent news desk March 26, 2024 12:58 PM 1 min read

The seal of the International Monetary Fund (IMF) is seen outside of a headquarters building in Washington, DC on April 7, 2021. (Mandel Ngan/AFP via Getty Images)

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Ukraine has received $880 million from the International Monetary Fund (IMF), Prime Minister Denys Shmyhal said on March 26.

The IMF announced on March 21 that it had approved a third review of Ukraine's $15.6 billion loan program, enabling the release of the $880 million earmarked for budgetary support. The disbursal was the third such tranche of the Extended Fund Facility (EFF), bringing the total distributed so far to $5.4 billion.

"The funds will help cover priority budget expenditures and maintain macro-financial stability," Shmyhal said.

Ukraine mission chief Gavin Gray said earlier in March that Ukraine has maintained a strong performance on the IMF program throughout its initial year, meeting all but one of the quantitative performance criteria.

Kristalina Georgieva, the managing director of the IMF, emphasized that Ukraine's macroeconomic and financial stability has been preserved despite "enormous social and economic costs" due to Russia's full-scale invasion.

Shmyhal expressed his gratitude to the IMF for its "support and cooperation."

Authors: Nate Ostiller, The Kyiv Independent news desk

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Shmyhal: Ukraine receives $880 million from IMF

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