Minister Marchenko meets with IMF mission leadership in Ukraine

Minister Marchenko meets with IMF mission leadership in Ukraine

Minister of Finance of Ukraine Serhiy Marchenko discussed the implementation of a four-year arrangement under the Extended Fund Facility (EFF) with the leadership of the International Monetary Fund mission in Ukraine.

The meeting took place in Kyiv, the press service of the Ministry of Finance reports.

As noted, this was the first visit of IMF representatives to Ukraine in the last three years.

The parties discussed the current state of the country's economy and the draft State Budget for 2024, as well as the implementation of the four-year arrangement of cooperation with the Fund under the Extended Fund Facility (EFF), which aims to support macroeconomic stability, restore debt sustainability and rebuild Ukraine on its path to EU accession.

The minister thanked the IMF representatives for the financial support provided to Ukraine under the EFF arrangement. In 2023, Ukraine has already received about USD 3.6 billion from the Fund to finance the urgent needs of the State Budget of Ukraine.

"The visit of the IMF team to Ukraine is an important signal of support and solidarity with the Ukrainian people. Effective and coordinated cooperation of the Government of Ukraine, the NBU and the International Monetary Fund, within the framework of the EFF arrangement, allows us to ensure macro-financial stability and creates conditions for further economic recovery and development," Marchenko said.

The IMF mission included Deputy Director of the IMF's European Department Uma Ramakrishnan, IMF Mission Chief for Ukraine Gavin Gray, Deputy Mission Chief of the IMF Mission for Ukraine Nathan Epstein and IMF Resident Representative for Ukraine Vahram Stepanyan.

As reported, on September 25, the IMF mission, headed by Gavin Gray, began technical discussions with representatives of the Ukrainian authorities in the context of preparations for the second review under EFF.

On October 1, the team of the International Monetary Fund, led by Deputy Director of the IMF’s European Department Uma Ramakrishnan, began holding meetings with representatives of the Ukrainian authorities and other key partners in Kyiv.

On March 31, 2023, the IMF Board approved a new 48-month extended arrangement under the EFF of SDR 11.6 billion (about US$15.6 billion) as part of a US$115 billion total support package for Ukraine.

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