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IMF approves USD 15.6 bn load for Ukraine as part of USD 115 bn global support package

IMF approves USD 15.6 bn load for Ukraine as part of USD 115 bn global support package

In its press release published on 31 March, the International Monetary Fund (IMF) said its board had approved a four-year $15.6 billion loan program for Ukraine as part of a global $115 billion package as “Russia’s invasion of Ukraine continues to have a devastating economic and social impact.”

“Ukraine’s EFF-supported program aims to anchor policies that sustain fiscal, external, price and financial stability and support economic recovery, while enhancing governance and strengthening institutions to promote long-term growth in the context of post-war reconstruction and Ukraine’s path to EU accession,” according to the IMF statement.

The authorities’ program comprises two phases. The first phase (2023-24) will focus on implementing a robust budget for 2023, sustaining disinflation and exchange rate stability, bolstering financial stability, and continuing governance and anti-corruption reforms. The second phase will emphasize ambitious structural reforms to support recovery, early post-war reconstruction, and long-term growth in line with Ukraine’s EU accession goals.

The approval of the load is “expected to mobilize large-scale concessional financing from Ukraine’s international donors and partners, to help resolve Ukraine’s balance of payments problem, attain medium-term external viability, and restore debt sustainability on a forward-looking basis in both a baseline and downside scenario,” IMF wrote.

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