“The Board of Directors of the International Monetary Fund completed the sixth review of the extended financing program for Ukraine and approved the allocation of a new tranche of $1.1 billion. Source: IMF, Ministry of Finance of Ukraine Details: “According to the successful review, Ukraine will receive a tranche of about 1.1 billion US dollars in the near future.”, — write: www.pravda.com.ua
The Board of Directors of the International Monetary Fund completed the sixth review of the extended financing program for Ukraine and approved the allocation of a new tranche of $1.1 billion.
Source: IMF, Ministry of Finance of Ukraine
Details: “As a result of the successful revision, Ukraine will receive a tranche of about 1.1 billion US dollars in the near future. Thus, financing from the IMF this year will reach almost 5.4 billion US dollars, and the total amount of payments under the EFF program will amount to 9.8 billion US dollars,” said Minister of Finance of Ukraine Serhiy Marchenko.
The IMF reported that Ukraine’s economy demonstrates stability despite difficult conditions. All quantitative performance criteria and structural benchmarks scheduled for the end of September were met.
At the same time, the Fund noted the need to maintain the pace of reforms, in particular in the field of domestic revenue mobilization, for macroeconomic stability and restoration of fiscal sustainability.
“The economy remains resilient, reflecting the ability of households and businesses to adapt, but risks are growing due to shocks to energy infrastructure and labor market tensions. Contingency planning is key to timely response,” IMF Managing Director Kristalina Georgieva said.
Georgieva noted that strict implementation of the adopted state budget-2025 will be of key importance for the further stability of the economy, and also emphasized the need to continue progress in mobilizing domestic revenues to meet priority spending needs and restore fiscal sustainability.
The IMF praised the recent increase in the NBU’s discount rate and called for maintaining the flexibility of the exchange rate to increase the stability of the economy.
In particular, according to Georgiyeva, Ukraine should pay special attention to the creation of a new higher administrative court and amendments to the Criminal Procedure Code.
The IMF’s baseline scenario calls for GDP growth of 4% in 2024, but a slowdown to 2.5-3.5% next year is forecast due to labor market tensions, the impact of attacks on energy infrastructure and continued military uncertainty.
The Ministry of Finance reported that, in total, Ukraine has already implemented 35 structural beacons within the framework of the EFF program, of which 20 are in the fiscal direction.
Prehistory:
- On October 23, the state budget received another tranche of the IMF loan in the amount of 1.1 billion dollars. based on the results of the fifth revision of the financing program of Ukraine. The fund once again praised the Ukrainian government for skillfully managing the macroeconomic situation despite the war.