Finance Ministry to discuss full-fledged IMF program in coming weeks

Finance Ministry to discuss full-fledged IMF program in coming weeks

Ukrinform
Ukraine expects to start discussing in the coming weeks a full-fledged financial program with the support of the International Monetary Fund.

That’s according to the press service of the Finance Ministry, Ukrinform reports.

"To cover the budget deficit in 2023, Ukraine is counting on the financial support of international partners, including the IMF. Ukraine has performed all the structural benchmarks agreed with the IMF under the Program Monitoring with Board Involvement and expects to start discussions on a full-fledged financial program with the support of the IMF in the coming weeks," Ukrainian Finance Minister Serhiy Marchenko told CNN.

According to the minister, in 2023, the state budget deficit will reach $38 billion. Although the European Union and United States have already confirmed their intention to provide Ukraine with EUR 18 billion and $9.9 billion this year, a gap remains at around $10 billion.

Marchenko noted that wartime bonds remain an important source of funds in times of war.

Read also: G7 to contribute to IMF’s financial assistance to Ukraine - Bloomberg

"A week after the full-scale invasion of russia, the Ministry of Finance held the first auction for the issue of Wartime Bonds. Since March 1, 2022, we have attracted over USD 6 billion to the State Budget," Marchenko added.

The finance minister emphasized that, in addition to budgetary needs, Ukraine requires about $17 billion to implement priority reconstruction measures in 2023.

As reported by Ukrinform, IMF Managing Director Kristalina Georgieva paid a visit to Ukraine. She highly praised the efforts of the Ukrainian government and all institutions that continue to operate despite the full-scale invasion.

Read also: IMF confirms unwavering support for Ukraine

Prime Minister Denys Shmyhal met with Georgieva and the IMF team, announcing that Ukraine expects to launch a new program worth more than $15 billion. It is planned that the IMF program will consist of two parts: immediate financial support and support for structural reforms that will promote recovery.

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