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GDP up, inflation down – IMF head praises Ukraine's progress at meeting with Zelenskyy

Tuesday, 12 December 2023, 00:15
GDP up, inflation down – IMF head praises Ukraine's progress at meeting with Zelenskyy
Kristalina Georgieva with Volodymyr Zelenskyy. PHOTO: THE OFFICE OF THE PRESIDENT OF UKRAINE

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), told President Volodymyr Zelenskyy during a meeting in the United States that she is proud of what Ukraine has achieved in difficult circumstances.

Source: Office of the President

Quote from Georgieva: "Ukraine is doing very well. GDP growth is projected to reach at least 4.5% this year. In the third quarter of this year, GDP is up by 9.3% compared to the third quarter of 2022, which is just incredible. Inflation fell sharply to 5.1% in November, which is a dream for many countries that are not at war."


Details: President Zelenskyy said Ukraine's unblocking of civilian shipping in the Black Sea and the functioning of the "grain corridor" have given the economy a further boost.

The meeting highlighted the implementation of the IMF’s US$15.6 billion Extended Fund Facility for Ukraine.

The President thanked the IMF’s Executive Board for approving the disbursement of a US$900 million tranche to Ukraine.

The parties had an in-depth discussion on possible ways of securing external financing for Ukraine in 2024 and further joint steps to mobilise financial support for Ukraine from its international partners.

The President and the IMF Director touched on the issue of Ukraine's European integration. Zelenskyy said that Ukraine had fulfilled all the necessary recommendations.

They also exchanged views on the need to develop an effective mechanism for using frozen Russian assets to benefit Ukraine, particularly as a source of alternative budget support and investment to rebuild our country.

Background: On 11 December, the IMF Executive Board approved the second Extended Fund Facility review, allowing Ukraine to receive the third tranche of about US$900 million.

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