PM Shmyhal: Ukraine receives $880M from IMF under EFF Arrangement

PM Shmyhal: Ukraine receives $880M from IMF under EFF Arrangement

Ukraine has already received a tranche of $880 million from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) Arrangement.

The relevant statement was made by Ukrainian Prime Minister Denys Shmyhal, an Ukrinform correspondent reports.

“Today, Ukraine has received $880 million from the IMF. It is the third tranche of financial assistance under the EFF Arrangement,” Shmyhal wrote.

In his words, the above funds will help Ukraine to cover the priority budget expenditures and maintain macrofinancial stability.

The Prime Minister emphasized that Ukraine continues to successfully fulfill its commitments to the partners.

“We are already preparing for the next review of the program. We are grateful to the IMF for its support and cooperation,” Shmyhal added.

A reminder that the four-year Extended Fund Facility (EFF) Arrangement, totaling $17.5 billion, has been a core element of the Ukrainian Finance Ministry’s plan to stabilize the country’s economy and lay the basis for its recovery since 2016.

The EFF is designed to increase the reserves of the National Bank of Ukraine (NBU), to stop the exodus of capital, to enhance the measures taken by the Ukrainian government to stabilize the country’s balance of payments, as well as to help Ukraine overcome structural problems in its economy by implementing overdue reforms.

Within the EFF framework, Ukraine has already finalized a number of substantial changes in the energy and banking sector, as well as changes aimed to increase the NBU’s independence, remedy the public finances, reform the sector of state-owned companies, and counteract corruption.

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