IMF and Ukraine reach staff-level agreement on third review of financing program

IMF and Ukraine reach staff-level agreement on third review of financing program

As a result of negotiations between representatives of the IMF and the Government of Ukraine on the third revision of the EFF program, the parties reached a staff-level agreement, which, if approved by the Executive Board, will pave the way for the disbursement of USD 880 million to Kyiv as the next tranche.

This is stated in the IMF's statement released on Friday night, Ukrinform reports.

"The International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff-level agreement (SLA) on an updated set of economic and financial policies for the third review of the 4-year Extended Fund Facility (EFF) Arrangement," the statement said.

At the same time, it is noted that the Ukrainian side has complied with all structural benchmarks and all quantitative performance criteria, except for one.

The agreement is subject to approval by the Executive Board of the Fund. If approved, this will allow Ukraine to receive about USD 880 million as the next tranche.

Read also: Shmyhal, IMF team discuss funding for Ukraine in 2024

As Ukrinform reported earlier, the IMF Board of Executive Directors approved a four-year program under the Extended Fund Facility for Ukraine on March 31, 2023, in the amount of USD 15.6 billion.

Prime Minister Denys Shmyhal thanked the IMF for the successful second review of the EFF program.

Earlier, International Monetary Fund Managing Director Kristalina Georgieva said that Ukraine needs international financial assistance in the amount of USD 42 billion to maintain the progress made.

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