(MENAFN) On Friday, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), commended Ukrainian authorities for their efforts in implementing a comprehensive economic reform program. This program, which is backed by the IMF, is designed to stabilize the country's economy and financial system amidst significant uncertainty, restore debt sustainability, and advance Ukraine’s progress towards European Union (EU) membership.

The IMF's support for the program includes a substantial USD15.6 billion in financing. This is part of a larger external assistance package totaling USD122 billion, which encompasses contributions from both official and private sector sources. Georgieva highlighted that the reform program is focused on addressing both official and external commercial debt, along with securing continued external financing on favorable terms and pursuing fiscal consolidation.

Georgieva acknowledged the challenging conditions Ukraine is facing and praised the Ukrainian authorities for their commitment to engaging with creditors. She emphasized the importance of readiness to undertake additional restructuring measures if necessary to ensure that debt sustainability is achieved by the end of the program. The IMF chief also recognized Ukraine's efforts to implement robust policies and an ambitious reform agenda, including fiscal measures focused on revenue enhancement and structural reforms aimed at fostering long-term economic growth.

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