Ukraine receives $2.2 bln from IMF

Ukraine received another $2.2 billion tranche from the International Monetary Fund. The funds will be used to support the state budget.

This was reported by the Prime Minister of Ukraine Denys Shmyhal, Rubryka writes.

The head of the Ukrainian government noted that this is part of the funds provided by the EFF program in the amount of $16 billion.

Shmyhal also said that to receive them, Ukraine did "important homework" and successfully passed the fourth revision of the program.

The listed amount should help the government in financing:

• critical budget expenditures,
• social benefits,
• salaries of doctors and teachers.

Rubryka recently wrote that the Board of Directors of the IMF completed the fourth revision of the Enhanced Financing for Ukraine (EFF) program, deciding to allocate about $2.2 billion to Ukraine.

The IMF noted that this is already the fourth review of the EFF program and noted that Ukraine's indicators remain high, despite challenging conditions.

"All quantitative performance benchmarks as of the end of March were met, and all structural benchmarks as of the end of June were met on time or with a short delay," the IMF said.

With the tranche of $2.2 billion, the total amount of payments under the program will reach about $7.6 billion.

The EFF program for Ukraine for a period of 48 months with the right of access to 11.6 billion SDRs (equivalent to $15.6 billion) was approved on March 31, 2023, the IMF reminded.

It was also noted that fiscal policy for the remainder of 2024, as well as budget preparation for 2025, should be underpinned by revenue mobilization efforts aligned with the National Revenue Strategy.

IMF program

As reported, on March 31, 2023, the Board of Executive Directors of the IMF approved a four-year program within the framework of the Enhanced Financing Facility (EFF) for Ukraine in the amount of $15.6 billion.

We will remind you that in July, Ukraine received $890 million from the IMF from the $15.6 billion program.

On November 10, Shmyhal announced that an agreement had been reached with the IMF at the staff level on the second revision of the EFF program, which would enable the allocation of the third tranche for Ukraine under the fund's program.

It will be recalled that in October, the International Monetary Fund opened a permanent representative office in the capital, which had been closed since the beginning of the full-scale war in Ukraine in 2022.