IMF mission agrees to disburse another $1.1 billion tranche to Ukraine
19 November 16:21
Ukraine and the IMF have agreed at the expert level on the sixth revision of the Program under the EFF Extended Fund Facility. This was announced by the Prime Minister of Ukraine Denys Shmyhal, Komersant ukrainskyi reports.
“This will allow us to attract another $1.1 billion to the state budget. We expect the IMF Executive Board to make a decision in the near future. The Fund noted our progress in fulfilling structural benchmarks and commitments. They also emphasized that the Ukrainian economy continues to demonstrate resilience,” the Prime Minister said.
According to the Government portal, the leadership of the Ministry of Finance of Ukraine, the National Bank of Ukraine, other representatives of the Ukrainian authorities and the International Monetary Fund mission to Ukraine held a series of discussions on the sixth review on November 11-18.
Ukraine has fulfilled the five structural benchmarks envisaged for the sixth review of the Program:
– amendments to the Customs Code were adopted in line with international best practices;
– review of pre-war policies and practices of medium-term budget planning;
– financial risks to financial stability were assessed and an action plan for different scenarios was prepared;
– assessed the financial condition of district heating enterprises;
– developed a policy for managing state property in state-owned enterprises, a dividend policy, and a privatization strategy.
In addition, Ukraine has fulfilled another structural benchmark in the energy sector ahead of schedule.
The IMF experts highly appreciated the efforts and commitment of the Ukrainian Government to implement the comprehensive reform plan under the Program.
Following the discussion, the Ukrainian authorities and IMF experts reached an agreement on the sixth review of the Extended Fund Facility program. The total amount of the program is about USD 15.6 billion for 2023-2027. The agreement is subject to approval by the IMF Executive Board, which is expected to be considered in the coming weeks.
