Georgieva outlines three important achievements of Ukraine under IMF's arrangement

In the process of preparing for the second review of the Extended Fund Facility (EFF) arrangement for Ukraine, the International Monetary Fund noted at least three important achievements of Ukraine related to the economic stabilization.

"In this [second] review, we recorded three very important achievements," IMF Managing Director Kristalina Georgieva said in response to Ukrinform's question during a press conference in Marrakech.

First, according to her, is the restoration of economic growth. Now the IMF forecasts growth to up about 3%. We had a range from 1% to 3%, and we tend towards the higher end of this range, Georgieva explained.

Second, she continued, the inflation rate in Ukraine dropped to single digits, which not all economies can achieve even in peacetime. The IMF Managing Director emphasized that the level of inflation in Ukraine was high and decreased thanks to "thoughtful policies".

Third, Ukraine has solid international reserves, which enabled the NBU to start implementing measures for managed flexibility of the exchange rate.

Georgieva also reminded of the need for Ukraine’s significant progress regarding cost control. In this regard, she noted that Ukraine finally adopted a law that provides for the restoration of asset declarations. She emphasized that the Fund was working with the Ukrainian authorities "on all aspects" of the EFF arrangement.

In addition, Georgieva noted that the IMF resumed the permanent work of its office in Kyiv, and this allowed the Fund to interact with the Ukrainian authorities on a daily basis. She separately praised the reasonable efforts by the Ukrainian government to stabilize the national economy in difficult war conditions.

As reported, the IMF approved a $15.6 billion Extended Fund Facility (EFF) arrangement for Ukraine at the end of March. The program is designed for 48 months.

Its first review was completed on June 29, as a result of which the Fund disbursed a $890 million tranche to Ukraine. At the end of September, the IMF mission held technical discussions with representatives of the Ukrainian authorities in the context of preparations for the second review of the EFF. Earlier, the IMF reported that the second review of the arrangement is planned for the end of November - the beginning of December this year.