IMF approves $890 million loan tranche for Ukraine

30 June, 12:48 AM
IMF (Photo:REUTERS/Johannes P. Christo)

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.

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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.

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