Ukraine Expects Three More Tranches Worth $4.5B From IMF This Year
Date
5/23/2024 7:18:43 PM
(MENAFN- UkrinForm) Ukraine expects to attract three more tranches worth $4.5 billion under the IMF's Extended Fund Facility (EFF) Arrangement in 2024.
That's according to the Ukrainian Finance Ministry's press service , Ukrinform reports.
On May 23, the ministry's leadership held a working meeting with the leadership of the IMF's European Department and the IMF mission in Ukraine.
In addition to budgetary issues, including the implementation of the 2024 budget and preparations for the 2025 budget process, and the further need for external financing, the parties discussed preparations for the fourth review of the IMF's Extended Fund Facility (EFF) Arrangement.
Read also: PM Shmyhal: Ukraine receives USD 8B from IMF since Russian invasion started
The EFF Arrangement provides for $5.4 billion of budgetary assistance to Ukraine for 2024, of which about $880 million has already been disbursed as a result of the successful third review of the Arrangement in March 2024.
"Ukraine's compliance with the conditions under the EFF is crucial, as the implementation of certain measures and policies helps to maintain macro-financial stability and paves the way for the country's European integration, while adapting the financial system to function in an unstable environment. Three more reviews are planned for 2024 under the EFF, which will potentially attract budget support totaling about $4.5 billion," First Deputy Minister of Finance Denys Uliutin said.
He thanked the IMF for its timely support of Ukraine from the first days of the full-scale invasion and emphasized the importance of the EFF Arrangement's further functioning.
Since the IMF EFF was launched, Ukraine has implemented 21 structural benchmarks, 14 of which relate to fiscal policy and the financial sector. In particular, they include legislative initiatives to improve the Budget Code, strengthen tax policy, and public debt management.
The total amount of the Extended Fund Facility for 2023-2027 is $15.6 billion. The EFF is part of the international support package for Ukraine, which currently amounts to about $122 billion.
Photo: Ministry of Finance of Ukraine
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