IMF initiates mission in Ukraine, second review of Extended Fund Facility underway
2023.11.06 05:13
The International Monetary Fund (IMF) has commenced its mission in Ukraine today, as confirmed by the National Bank of Ukraine (NBU). The mission includes vital consultations under Article IV of the IMF Agreements and a comprehensive second review of Ukraine’s compliance with its obligations under the expanded financing program.
Led by Gavin Gray, the IMF mission is conducting the second review of the Extended Fund Facility (EFF) program in collaboration with Ukrainian authorities. This review follows initial technical talks held in Warsaw and is pivotal for the forthcoming 2023 Article IV Consultation. It may lead to Ukraine receiving an aid tranche of nearly US$900 million.
The first review of the EFF program transpired in June and supplied Ukraine with budget support of approximately US$890 million during its ongoing conflict. Earlier in 2021, Ukraine was awarded a significant four-year financing package by the IMF worth US$15.6 billion, enabling it to draw three tranches totaling US$4.5 billion.
The NBU underscores the importance of this process in maintaining financial stability and ensuring Ukraine’s fulfillment of its financial commitments. The bank emphasizes the need for adherence to international financial agreements.
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