Ukraine receives first IMF tranche of $2.7 billion

3 April, 09:35 PM
The logo of the International Monetary Fund (Photo:REUTERS/Yuri Gripas)

The logo of the International Monetary Fund (Photo:REUTERS/Yuri Gripas)

Ukraine has received $2.7 billion in the first tranche of recently-approved funding program from the International Monetary Fund (IMF), Governor of the National Bank of Ukraine (NBU), Andrii Pyshnyi, announced in a Facebook post on April 3.

“We thank our partners for the quick help and are already actively working on successfully passing the first program review and receiving the next tranche from the IMF,” Pyshnyi said.

Ukrainian Finance Minister Serhiy Marchenko said the tranche will help Ukraine maintain economic stability and ensure priority state expenditures are covered.

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On March 31, the IMF Board of Directors approved a four-year Extended Fund Facility (EFF) program for Ukraine, worth $15.6 billion.

The first phase of the program is planned for 2023-2024 and provides for stabilizing the state budget, reducing inflation and maintaining currency exchange rate, and promoting long-term financial stability. The second stage focuses on reforms and post-war economic recovery, as well as Ukraine's integration into the EU.

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