IMF starts Ukraine Capacity Development Fund to enhance technical assistance, training
Date
2/14/2024 3:25:05 AM
(MENAFN) As of Tuesday, the International Monetary Fund (IMF) made a significant announcement regarding the initiation of operations for the Ukraine Capacity Development Fund (UCDF). This newly established fund, under the management and administration of the IMF, has been set up with the primary objective of allocating resources strategically to bolster technical assistance and training initiatives.
These efforts are specifically designed to align with the economic reform agenda outlined by the Ukrainian government. Through the UCDF, a concerted effort is being made to channel resources effectively to support the implementation of various economic reforms crucial for Ukraine's sustainable development and growth trajectory.
"The UCDF’s workplan, endorsed today by the Steering Committee, focuses on core areas of the authorities’ economic and financial reform agenda, well aligned with reforms under Ukraine’s Extended Fund Facility-supported program," the International Monetary Fund (IMF) stated in a release.
The IMF underscored that the scope of these endeavors encompasses a wide array of critical areas, including fiscal reforms, monetary and financial sector policies, the enhancement of financial integrity, combating corruption, and the provision of technical assistance on macroeconomic frameworks. These components are integral to fostering a stable and sustainable economic environment in Ukraine.
In outlining the operational details, the IMF specified that the initial workplan is allocated a budget of USD27.5 million. However, there are aspirations and concerted efforts to scale up resources to achieve the target amount of USD65 million. This funding expansion is envisioned to further bolster the effectiveness and reach of the Ukraine Capacity Development Fund's initiatives, thereby maximizing its impact on the country's economic reform agenda.
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