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Ukraine receives first $2.7 billion tranche of IMF financial package

by The Kyiv Independent news desk April 3, 2023 8:27 PM 1 min read
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Ukraine has received a $2.7 billion tranche from the International Monetary Fund (IMF), the Finance Ministry reported on April 3.

On March 31, the IMF first announced that it had reached an agreement with Ukraine to provide a four-year financial aid package worth approximately $15.6 billion. This funding is part of a larger package worth $115 billion.

The $2.7 billion was set to be disbursed "immediately" to help maintain economic and financial stability in Ukraine "during a period of exceptionally high uncertainty," the IMF wrote.

According to the Finance Ministry, the Extended Fund Facility (EFF) Program is divided into two phases. The first phrase is set to be implemented in 2023-2024.

Its aim is to prioritize implementing a strong budget for 2023, increasing revenue mobilization without decreasing tax revenues, reducing inflation, stabilizing the exchange rate, maintaining adequate foreign exchange reserves, promoting long-term financial stability by assessing the banking sector's health and further establishing central bank independence.

The second phase of the EFF Program is set to aid with Ukraine's post-war reconstruction and European integration, the Finance Ministry wrote.

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