Ukraine has received the seventh tranche of $1.1 billion from the International Monetary Fund (IMF) under the four-year Extended Fund Facility (EFF) program, the Finance Ministry reported on Dec. 23.
“Ukraine has successfully passed six reviews which allowed us to receive about $9.8 billion out of the $15.6 billion provided by the IMF under this program,” said Finance Minister Serhiy Marchenko.
The Joint Memorandum of Understanding between Ukraine and the IMF states that Ukraine must continue to implement structural reforms in several areas, including public finances, the financial sector, monetary and exchange rate policies, governance, anti-corruption, and the energy sector.
The EFF program is expected to provide up to $2.7 billion in 2025 based on the results of four reviews.
According to a Dec. 20 statement by Ukrainian Prime Minister Denys Shmyhalm, the funds will be used to finance government spending.