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Ukraine to receive additional $4.5 billion from IMF's Extended Fund Facility in 2024

by Sonya Bandouil May 24, 2024 7:39 AM 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 set to receive three additional tranches totaling $4.5 billion from the IMF's Extended Fund Facility (EFF) in 2024, according to the Ukrainian Finance Ministry.

A meeting between the ministry's leadership and the IMF's European Department discussed budgetary issues and preparations for the fourth review of the EFF Arrangement.

The total EFF amount for 2023-2027 is $15.6 billion, part of a larger international support package for Ukraine.

Since the launch of the IMF EFF, Ukraine has initiated 21 structural benchmarks, with 14 focused on fiscal policy and the financial sector. These include legislative efforts to enhance the Budget Code, strengthen tax policies, and manage public debt more effectively. First Deputy Minister of Finance Denys Uliutin highlighted the importance of complying with EFF conditions.

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.

"The economy has been resilient, with stronger-than-expected macroeconomic outturns in 2023. Ukraine’s performance and commitment under the program has continued to be strong," managing director of the IMF Kristalina Georgieva said.

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 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.

Author: Sonya Bandouil

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