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Ukraine Secures USD8.2B IMF Aid Package
(MENAFN) The International Monetary Fund (IMF) revealed Wednesday that its staff has finalized an agreement with Ukraine on a substantial new assistance package worth $8.2 billion spanning 48 months.
According to an official statement from the fund, an IMF delegation conducted negotiations with Ukrainian government representatives between Nov. 17-21 following Kyiv's formal request for fresh financial support.
The Washington-based lender confirmed that its technical team and Ukraine's authorities have secured a staff-level understanding on a comprehensive set of macroeconomic and structural policy measures eligible for backing through a new four-year arrangement utilizing the Extended Fund Facility (EFF) mechanism.
"Russia's war continues to take a heavy toll on Ukraine's people and its economy. The authorities nevertheless remain steadfast in their resolve to maintain macroeconomic stability and to restore debt sustainability and external viability. They are also committed to addressing informality, tackling corruption, and improving governance, including in the state-owned enterprise sector," the fund noted.
The IMF emphasized its unwavering dedication to supporting Ukraine, indicating the proposed program will advance to the IMF's Executive Board for final authorization once preliminary requirements are fulfilled and adequate funding guarantees from international donors are secured.
"The IMF welcomes all efforts to secure a durable peace, and the program will be recalibrated as needed at each review depending on progress towards a resolution of the war," the fund added.
According to an official statement from the fund, an IMF delegation conducted negotiations with Ukrainian government representatives between Nov. 17-21 following Kyiv's formal request for fresh financial support.
The Washington-based lender confirmed that its technical team and Ukraine's authorities have secured a staff-level understanding on a comprehensive set of macroeconomic and structural policy measures eligible for backing through a new four-year arrangement utilizing the Extended Fund Facility (EFF) mechanism.
"Russia's war continues to take a heavy toll on Ukraine's people and its economy. The authorities nevertheless remain steadfast in their resolve to maintain macroeconomic stability and to restore debt sustainability and external viability. They are also committed to addressing informality, tackling corruption, and improving governance, including in the state-owned enterprise sector," the fund noted.
The IMF emphasized its unwavering dedication to supporting Ukraine, indicating the proposed program will advance to the IMF's Executive Board for final authorization once preliminary requirements are fulfilled and adequate funding guarantees from international donors are secured.
"The IMF welcomes all efforts to secure a durable peace, and the program will be recalibrated as needed at each review depending on progress towards a resolution of the war," the fund added.
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