The Executive Board of the International Monetary Fund has completed the third review of the program under the Extended Fund Facility for Ukraine (EFF). In the near future, Ukraine will receive about $880 million. This is reported by the press service of the Ministry of Finance of Ukraine.
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Completing structural beacons
Ukraine has completed all four structural beacons provided for the third revision. In particular, it was:
- The National Revenue Strategy has been adopted, a roadmap for public investment management has been developed, measures have been developed to mobilize state budget revenues in 2024 if necessary, and legislation has been adopted to strengthen the institutional autonomy and effectiveness of the SAP.
“Cooperation with the IMF continues to be integral in supporting fiscal and monetary stability and stimulating economic recovery. The Ukrainian authorities are making every effort to fulfill all the conditions of the EFF program.
It is important that this allows us to attract additional financial assistance, however, first of all, Ukraine needs the implementation of all these measures and policies,” said Finance Minister Sergei Marchenko.
Fourth tranche
Successful completion of the review opens the way for Ukraine to receive the fourth tranche of EFF financing in the amount of about $880 million (SDR 663.9 million) in the near future.
The state budget of Ukraine has already received three tranches within the framework of the IMF EFF program with a total volume of about $4.5 billion. In 2024, the program provides for $5.4 billion in budget assistance to Ukraine.
Remember
On March 31, 2023, the IMF Executive Board approved a new four-year Extended Fund Facility (EFF) program for Ukraine with funding of approximately $15.6 billion (SDR 11.6 billion).This program is part of the overall package of international support for Ukraine, which is about $122 billion.
