Ukraine to receive second IMF disbursement of US$900 million: Fund's mission accomplished
Ukraine has successfully passed the first review of a four-year IMF arrangement and will receive a second US$900 million disbursement.
Source: Gavin Gray, Head of the IMF mission in Ukraine
"I am pleased to announce that IMF staff and the Ukrainian authorities have reached a staff-level agreement on the first review of the EFF [Extended Fund Facility – ed.]. The agreement is subject to approval by the IMF Executive Board, with Board consideration expected in the coming weeks," Gray said.
He noted that Ukraine has achieved a strong performance in fulfilling the requirements of the programme and has met all structural benchmarks set until the end of May 2023.
The successful review of the arrangement will enable Ukraine to access the second disbursement of the IMF loan in the amount of US$900 million. The total volume of the IMF programme is US$15.6 billion, of which Ukraine has already received US$2.7 billion in the form of the first disbursement.
The IMF mission began work in Vienna on 23 May. The mission met with senior officials from the National Bank of Ukraine and Ukraine’s Ministry of Finance.
Earlier:
- The IMF's Executive Board approved a four-year US$15.6 billion finance package for Ukraine to help the country meet pressing financial needs amid the ongoing war. In total, this year Ukraine can receive three disbursements totalling 3.3 billion Special Drawing Rights (USD$4.5 billion) from the IMF.
- The IMF subsequently published 19 structural benchmarks, which Ukraine promised to meet under the US$15.6 billion cooperation programme.
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