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IMF, Ukraine reach USD2.2B loan agreement amidst ongoing challenges
(MENAFN) The International Monetary Fund (IMF) announced on Friday the agreement on a USD2.2 billion loan deal with Ukraine, marking a significant step in the ongoing support for the country's economic stability. The agreement represents the culmination of discussions on the fourth review of Ukraine's 4-year Extended Fund Facility (EFF) arrangement, as confirmed by the IMF in a statement.
The 48-month EFF arrangement, initially approved in March 2023, provides Ukraine with access to approximately USD15.6 billion and forms part of a broader USD122 billion support package for the nation, which continues to grapple with the aftermath of conflict.
According to the IMF statement, all quantitative performance criteria were met, and structural benchmarks for the review were either fulfilled or implemented with minor delays. Furthermore, the agreement encompasses an updated set of economic and financial policies aimed at sustaining macroeconomic stability and advancing economic reforms in Ukraine.
Despite facing formidable challenges, Ukraine's economy has exhibited resilient growth, with continued disinflation observed throughout the first quarter of the year. However, the IMF underscored that risks remain high and are further exacerbated by the ongoing conflict with Russia. As a result, the economic outlook for the remainder of the year remains highly uncertain, necessitating concerted efforts to navigate these challenges effectively.
The USD2.2 billion loan agreement is contingent upon approval by the IMF's executive board, highlighting the importance of multilateral cooperation in addressing Ukraine's evolving economic landscape and bolstering its resilience in the face of external pressures.
The 48-month EFF arrangement, initially approved in March 2023, provides Ukraine with access to approximately USD15.6 billion and forms part of a broader USD122 billion support package for the nation, which continues to grapple with the aftermath of conflict.
According to the IMF statement, all quantitative performance criteria were met, and structural benchmarks for the review were either fulfilled or implemented with minor delays. Furthermore, the agreement encompasses an updated set of economic and financial policies aimed at sustaining macroeconomic stability and advancing economic reforms in Ukraine.
Despite facing formidable challenges, Ukraine's economy has exhibited resilient growth, with continued disinflation observed throughout the first quarter of the year. However, the IMF underscored that risks remain high and are further exacerbated by the ongoing conflict with Russia. As a result, the economic outlook for the remainder of the year remains highly uncertain, necessitating concerted efforts to navigate these challenges effectively.
The USD2.2 billion loan agreement is contingent upon approval by the IMF's executive board, highlighting the importance of multilateral cooperation in addressing Ukraine's evolving economic landscape and bolstering its resilience in the face of external pressures.
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