Ukraine, IMF discuss situation in energy sector

Ukraine is introducing a number of programs to help businesses ensure energy independence and restore at least some of the capacities destroyed by Russia by winter.

According to Ukrinform, this issue was discussed at a meeting between First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko and First Deputy Managing Director of the International Monetary Fund Gita Gopinath, the ministry’s press service reports.

"We are grateful to the International Monetary Fund for its support, which enabled our country to maintain macro-financial stability and contributed to the strengthening of the economy. Ukraine hopes that the fourth review of the IMF's Extended Fund Facility program will result in a positive decision for our country, which will continue to lay the foundation for stability," Svyrydenko said.

One of the key issues addressed at the meeting was the restoration of Ukraine's energy sector amid Russia's deliberate destruction of energy facilities. According to Svyrydenko, Ukraine is implementing programs to assist businesses in attaining energy independence and restoring at least some of the destroyed facilities by winter.

In particular, she spoke about the latest developments, including the implementation of a new U.S. aid package worth over $800 million to support Ukraine's energy system, the government's expansion of the Affordable Loans at 5-7-9% program to facilitate the purchase and installation of gas-fired power generation units, and other initiatives the government plans to undertake.

As Ukrinform reported, in 2024, Ukraine needs another $9.5 billion to finance the priority recovery needs: defense industry, energy sector, restoration of damaged housing, etc.

Photo credit: Economy Ministry