Ukraine receives $1.1B from IMF to direct money for critical budget expenditures - Shmyhal

Ukraine has received a $1.1 billion tranche from the International Monetary Fund.

Prime Minister Denys Shmyhal announced this on Telegram, Ukrinform reports.

This is the sixth tranche under the joint program within the framework of the Extended Fund Facility (EFF), he noted.

"The funds have already been received in Ukrainian accounts. We will direct them to finance critical budget expenditures," Shmyhal noted.

In total, Ukraine has already received $9.8 billion from the IMF under the EFF, the head of government recalled.

He expressed gratitude to the International Monetary Fund "for its unwavering support for our state during the full-scale war."

As Ukrinform reported earlier, the IMF approved a 48-month EFF arrangement for Ukraine with general access to $15.5 billion in loan funds at the end of March 2023.

The program became part of a $151.4 billion support package for Ukraine.

The agreement between the IMF and Ukraine helps to consolidate policies that support fiscal, external, and macrofinancial stability in times of exceptionally high uncertainty. In addition, the EFF aims to support economic recovery, improve governance, and strengthen institutions to promote long-term growth in the context of recovery and Ukraine's path to the European Union.

On December 20, following the meeting on the sixth review of the EFF, the Fund's Executive Board decided to allocate the next tranche of $1.1 billion.