Ukraine, IMF discuss fulfillment of new lending program

Ukrainian Finance Minister Sergii Marchenko met with IMF First Deputy Managing Director Gita Gopinath as part of his visit to the United States to discuss the fulfillment by Ukraine of the terms of a new lending program.

The Ukrainian Finance Ministry's press service said this in a statement seen by Ukrinform.

"The Ministry of Finance of Ukraine highly appreciates the support of the IMF and its contribution to the economic development of the country over the years. In times of war, the partnership with the Fund helps to maintain financial stability and mitigate the economic consequences of the invasion. Together with the IMF, we have done a great job, moving from uncertainty to a new financing program," Marchenko said.

He noted that the Extended Fund Facility (EFF) is a pillar of cooperation with international partners and helps to attract large-scale funding from donors, including the G7 countries and the European Union.

The parties also discussed the performance of the program's conditions by the Ukrainian side. The Government of Ukraine committed to strengthen policies that sustain fiscal, external, price and financial stability and support economic recovery while enhancing governance and strengthening institutions to promote long-term growth in Ukraine's post-war reconstruction and European integration path.

In March 2023, the IMF Executive Board approved a four-year Extended Fund Facility program for Ukraine worth $15.6 billion. Ukraine received the first tranche of $2.7 billion immediately after the program was approved.

Photo credit: mof.gov.ua