$900 million IMF loan gets preliminary approval

30 May, 09:00 PM
IMF (Photo:REUTERS / Yuri Gripas)

IMF (Photo:REUTERS / Yuri Gripas)

Ukraine and the International Monetary Fund (IMF) have reached a staff-level agreement on the review of the fund's four-year program: Ukraine has successfully passed the first program review and will receive a second tranche of $900 million, IMF said in a message on its website May 30.

“I am pleased to announce that IMF staff and the Ukrainian authorities have reached staff-level agreement on the first review of the EFF,” IMF Ukraine mission chief Gavin Grey said.

“The agreement is subject to approval by the IMF Executive Board, with Board consideration expected in the coming weeks.”

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According to Grey, Ukraine has achieved strong results in meeting the program requirements and has fulfilled all structural benchmarks set for the end of May 2023.

Successful program review will allow Ukraine to attract a second IMF loan tranche of $900 million. The total volume of the IMF program amounts to $15.6 billion, of which Ukraine has already attracted $2.7 billion in the first tranche.

The program review began on May 23 in Vienna, Austria.

The Ukrainian government has made firm commitments to improve governance and legislation and has set clear deadlines for making the most important legislative changes.

These include the adoption of a law to restore public officials' obligations to declare assets (by the end of July), amendments to the law on combating money laundering (by the end of September), and the adoption of a law on expanding the institutional autonomy of the Specialized Anti-Corruption Prosecutor's Office (by the end of December).

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