IMF confirms Ukraine's need for $42B in external financing next year

IMF confirms Ukraine's need for $42B in external financing next year

The International Monetary Fund has confirmed that Ukraine will need at least USD 42 billion in external support in 2024 to ensure financial and external economic stability.

This was announced on Thursday at a press briefing in Washington by Julie Kozack, Director at IMF's Communications Department, an Ukrinform correspondent reports.

In 2024, the IMF estimates that the country will need about USD 42 billion in financing. The support of the international community, including the EU, the United States and the G7, as well as international financial institutions, will be necessary to return the country to the path of fiscal and external stability, the Fund's representative noted.

At the same time, she added that the Ukrainian economy continues to demonstrate extraordinary resilience.

Read also: IMF to decide on next tranche for Ukraine on Dec 11

The outlook is extremely uncertain, but it is resilient, the IMF representative emphasized.

She reminded that in the latest forecast for Ukraine, the Fund improved its expectations for GDP growth to 4.5% in 2023. In addition, the inflation rate in the country has fallen sharply, and the foreign exchange market has stabilized, allowing Ukraine to move to a managed exchange rate regime.

As Ukrinform reported, the IMF's estimates of Ukraine's external financing needs coincide with the Ukrainian government's calculations and remain stable. In September, Prime Minister Denys Shmyhal also said that in 2024 Ukraine would need about USD 42 billion in financial support from its partners.

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