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Ukraine expects $38 billion in external financing after fulfilling IMF requirements

by Chris York and The Kyiv Independent news desk May 4, 2024 4:53 PM 2 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 is expecting $38 billion in financial support from international partners after fulfilling the requirements of an International Monetary Fund (IMF) program, the Governor of the National Bank of Ukraine said on May 4.

In a video posted on Facebook, Andriy Pyshny said Russia's full-scale invasion of Ukraine had caused the loss of a third of the country's economy and destruction totalling "hundreds of billions" of dollars.

"This provoked a colossal need for budget financing that cannot be covered at the expense of the wounded Ukrainian economy," he said, adding: "An international consolidated financial response is what we are counting on."

Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.

Pyshny said Ukraine had already successfully passed three reviews as part of an IMF program and had implemented structural benchmarks as a result. A fourth review would take place soon, he added.

"According to the basic scenario of the National Bank, this year will bring us financing for exactly the amount we are counting on — about $38 billion," he said.

On April 18, the IMF said Ukraine will need at least $42 billion in international aid to support its budget this year.

Speaking in Washington, IMF Managing Director Kristalina Georgieva said she was "confident" this would be achieved but added that fully addressing the country’s economic problems would require ending Russia's full-scale invasion.

"A war above all is tragic, having men and women and children killed and wounded in a daily occurrence. So we need this war to end for their sake," she said.

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