IMF completes first review under EFF arrangement: Ukraine to receive about $890M
The relevant statement was made by the International Monetary Fund (IMF) on Thursday, an Ukrinform correspondent reports.
“The IMF Board completed today the first review of the extended arrangement under the Extended Fund Facility (EFF) for Ukraine, allowing the authorities to draw the equivalent of about US$890 million (SDR 663.9 million), which will be channeled for budget support,” the report states.
Despite the war, Ukraine’s economy has been showing more resilience than expected following a sharp contraction in 2022, according to the IMF.
“GDP growth has been upgraded to 1–3 percent in 2023 as domestic demand recovers, inflation is decelerating, and FX reserves are strong amid a stable FX market,” the IMF noted.
The Ukrainian authorities made strong progress in their commitments under the EFF amid difficult circumstances, meeting all continuous and end-April quantitative performance criteria, the IMF mentioned.
All structural benchmarks through end-June were also met, including to enact the second Supplementary Budget, strengthen the Budget Code, and complete inputs toward developing the National Revenue Strategy.
A reminder that the 48-month EFF was approved by the IMF Board in March 2023, and forms part of a USD 115 billion total support package for Ukraine.
