Ukraine is set to receive $2.2 billion from the IMF's Extended Fund Facility (EFF), Prime Minister Denys Shmyhal announced on social media on May 31.
The funding announcement comes as Ukrainian and International Monetary Fund officials reached an agreement on the fourth review of the EFF Arrangement, according to Shmyhal.
The IMF's Executive Board must first approve the $2.2 billion in funding, and no timeline was provided for when that approval may come.
The EFF funds are meant to lend Ukraine stability amid the disruptions of war, support the country's postwar recovery, and promote economic growth as Ukraine moves forward on the path to EU membership.
The EFF is set to provide $5.4 billion in budgetary assistance for 2024, with $880 million already disbursed following a successful review in March.
The total EFF amount for 2023-2027 is $15.6 billion, part of a larger international support package for Ukraine.
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.
On April 18, the IMF said Ukraine will need at least $42 billion in international aid to support its budget this year.
Chris York
(Updated: )
