Second review of IMF programme for Ukraine expected next month

The second review of the International Monetary Fund's Extended Fund Facility (EFF) programme for Ukraine is expected next month.

Minister of Finance Sergii Marchenko said this in an interview with the Atlantic Council, Ukrinform reports with reference to the ministry’s press service.

“Regarding the cooperation with the IMF, the Minister of Finance noted that the Government of Ukraine is making every effort to perform the structural benchmarks set out in the EFF programme. The second review of the programme is expected next month. A successful review will not only facilitate Ukraine's receipt of the next tranche from the IMF, but also attract large-scale financing from other donors,” the report says.

In the context of discussing the attraction of private investment in Ukraine's recovery, Marchenko spoke about the development of war risk insurance in Ukraine. He also thanked the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group for establishing the SURE war risk insurance Trust Fund. Since the beginning of the full-scale war, MIGA has provided Ukraine with guarantees totaling USD 196 million, which are used to implement insurance projects in Ukraine.

The Minister of Finance also spoke about the cooperation with international partners on the use of the seized assets of Russia.

"The frozen assets of the russian federation should become the basis for further financing the restoration and reconstruction of Ukraine. We hope that our allies will find and implement mechanisms to use the seized assets for the benefit of Ukraine,” Marchenko said.

As Ukrinform reported, on March 31, 2023, the IMF Executive Board approved a four-year extended arrangement for Ukraine under the Extended Fund Facility (EFF) of USD 15.6 billion.

Since the beginning of the full-scale war, the Ministry of Finance has attracted about USD 6.3 billion in budget support from the IMF.