IMF approves $890 million loan tranche for Ukraine
IMF (Photo:REUTERS/Johannes P. Christo)
The International
Monetary Fund's (IMF) Executive Board has reviewed Ukraine's Extended Fund
Facility program and decided to allocate a new tranche of approximately $890
million to Kyiv, the IMF said in a press release on June 29.
President Volodymyr Zelenskyy tweeted to express his gratitude towards the IMF's Managing Director Kristalina Georgieva and the IMF Executive Board for their support.
According to the fund's press service, despite the ongoing conflict, Ukraine's economy has shown a greater degree of resilience than anticipated following a steep drop in 2022, leading to an increased GDP growth forecast of 1-3% for 2023.
The IMF also commended the Ukrainian government for its significant strides in meeting its obligations under the Extended Fund Facility program, stating that all structural benchmarks were achieved by the end of June.
“The IMF Board completed today the first review of the extended arrangement under the Extended Fund Facility for Ukraine, allowing the authorities to draw the equivalent of about $890 million, which will be channeled for budget support,” the message said.
Ukrainian MP Yaroslav Zheleznyak explained in a Telegram post that the IMF's decision implies Ukraine will soon receive a new tranche of $890 million, and that an updated memorandum detailing Ukraine's commitments and terms will be released shortly.
In late May, an agreement at the staff level was reached between Ukraine and the IMF concerning the review of the fund's four-year program. The total size of the IMF program is $15.6 billion, of which Ukraine has already received the initial tranche of $2.7 billion.
Will you support Ukraine’s free press?
Dear reader, as all news organizations, we must balance the pressures of delivering timely, accurate, and relevant stories with requirements to fund our business operations.
As a Ukrainian-based media, we also have another responsibility – to amplify Ukraine’s voice to the world during the crucial moment of its existence as a political nation.
It’s the support of our readers that lets us continue doing our job. We keep our essential reporting free because we believe in our ultimate purpose: an independent, democratic Ukraine.
If you’re willing to support Ukraine, consider subscribing to our Patreon starting from 5$ per month. We are immensely grateful.
Please help us continue fighting Russian propaganda.
Truth can be hard to tell from fiction these days. Every viewpoint has its audience of backers and supporters, no matter how absurd.
If conscious disinformation is reinforced by state propaganda apparatus and budget, its outcomes may become deadly.
There is no solution to this, other than independent, honest, and accurate reporting.
We remain committed to empowering the Ukrainian voice to push against the muck. If you’re willing to stand up for the truth – consider supporting us on Patreon starting from 5$ per month. Thank you very much.
Will you help tell Ukraine’s story to the world?
Twenty years ago, most people hadn’t even heard of Ukraine. Today, the country is on everyone’s lips and everyone’s headlines. War pushed us on the front page. But there are many other things we do that we are proud of – from music and culture to technology.
We need your help to tell the world Ukrainian story of resilience, joy, and survival. If you’re willing to back our effort, consider supporting us on Patreon starting from 5$ per month. We are immensely grateful.
Follow us on Twitter, Facebook and Google News
