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IMF launches fund to reinforce Ukraine’s reform efforts amid war

Ukraine capacity development fund has already received $14 million from donors, with a target of raising $65 million.
Credit: Andrii Pyshnyi
IMF launches fund to reinforce Ukraine’s reform efforts amid war

The International Monetary Fund (IMF) has established a new capacity development fund to support reforms in Ukraine as the country continues transforming its economy while fighting Russia’s invasion.

According to a Facebook post by Andrii Pyshnyi, head of Ukraine’s National Bank, on 15 October, the IMF’s Ukraine capacity development fund has already received $14 million from donors, with a target of raising $65 million.

Pyshnyi said the fund “will cover the needs of implementing our country’s capacity development plan, the successful implementation of reforms.” He stressed recent IMF memorandums with Ukraine have focused on maintaining macroeconomic and financial stability to strengthen Ukraine’s capacity.

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In Pyshnyi’s view, the constant pace of reforms in Ukraine and capacity building is key:

“Reforms in Ukraine and capacity building must take place continuously, without interruption, involving the best world experience.”

The central bank chief added that the IMF has “once again confirmed its leadership in mobilizing financial assistance for Ukraine.”

The new dedicated fund aims to support multiple areas – international financial aid, transforming Ukraine’s economy, and strengthening the institutional abilities of governing bodies. It represents the latest measure as the IMF maintains its central role in marshaling global assistance for the war-torn country.

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