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Ukraine receives $890 million from IMF

by Dinara Khalilova July 3, 2023 11:50 PM 1 min read
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Ukraine's state budget has received $890 million from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) Arrangement, the Finance Ministry reported on July 3.

This is the second tranche of a $15.6 billion support package for Ukraine under the EFF's arrangement. Kyiv has already received $3,6 billion from the IMF, according to the ministry.

"Thanks to the provided funds, we can maintain economic stability in Ukraine and finance priority expenditures of the state budget," said Finance Minister Serhii Marchenko.

The funds were disbursed as a result of the successful first revision of the arrangement on June 29. According to the IMF, Ukraine has made significant progress in fulfilling its obligations under the EFF, despite Russian aggression.

With the EFF's support, Ukraine hopes to ensure macroeconomic stabilization, carry out critical structural reforms during the war, secure medium-term external viability, support sustainable growth, and speed up Ukraine's EU accession.

According to the Kyiv School of Economics, the total damages in Ukraine caused by Russia's war reached $147.5 billion as of April 2023.

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