Ukraine and the International Monetary Fund (IMF) at the expert level agreed on the fifth review of the Extended Fund Facility (EFF) for Ukraine for $15.6 billion.
This was reported by the Prime Minister of Ukraine Denys Shmyhal.
Ukraine fulfilled all the quantitative criteria and structural beacons at the end of June, necessary to receive the sixth tranche from IMF for $1.1 billion.
These agreements demonstrate that Ukraine continues important reforms, and international partners support it on this path, noted Shmyhal.
This agreement must now be approved by the IMFʼs Executive Board. After that, Ukraine will receive $1.1 billion.
According to the prime minister, this was the first IMF mission that was fully operational in Kyiv during a full-scale invasion. Funds from partners help the Ukrainian government finance all non-military budget expenditures. This makes it possible to direct internal resources to the defense capability of the country.
As Yaroslav Zheleznyak, a member of the Parliamentary Committee on Finance, Tax and Customs Policy, previously reported, the schedule for the next revisions will be as follows:
- the 6th revision — from December 1, 2024. Also by about $1.1 billion (835 million SDR). Ukraine must fulfill quantitative indicators at the end of September and IMF structural beacons for the period;
- the 7th revision — from March 1, 2025. For $0.9 billion (684 million SDR). Ukraine must fulfill quantitative indicators for the end of December 2024 and beacons for the period.
The assessment will take place on the basis of the updated memorandum on economic and financial policy and an updated set of structural beacons.
The Fund conducts quarterly monitoring of the EFF implementation. This is a guarantee that the program, the main goal of which is to support macro-financial stability and implement structural reforms on the way to EU membership, is being implemented.
In case of a successful review, Ukraine will receive another tranche of $1.1 billion under the program in December.