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IMF approves $ 2.2 bn budget support package for Ukraine

The total IMF aid to Ukraine has reached $7.6 billion, nearly half of the 4-year loan.

29/06/2024

1 minute read

President of Ukraine Volodymyr Zelenskyy (L) meeting with Managing Director of the International Monetary Fund Kristalina Georgieva (R). Washington DC, US, 11 December 2023. Photo: president.gov.ua

IMF approves $ 2.2 bn budget support package for Ukraine

The International Monetary Fund (IMF) has approved a new $2,2 billion tranche for Ukraine’s budget support, to be disbursed immediately.

“All quantitative performance criteria for end-March were met, and all structural benchmarks through end-June were implemented on time or with a short delay,” the IMF statement reads.

This brings the total IMF aid to Ukraine to $7,6 billion, nearly half of the approved four-year loan program.

“Despite the war’s devastating impact, Ukraine has maintained macroeconomic and financial stability through skillful policymaking and external support. The economy shows remarkable adaptability,” IMF Managing Director Kristalina Georgieva noted.

However, Georgieva cautioned that recovery might slow due to attacks on energy infrastructure and high war-related uncertainty.

Ukrainian Prime Minister Denys Shmyhal thanked Georgieva and her team for the support, emphasizing that the funds will help finance critical budget needs, including social benefits and salaries for healthcare and education workers.

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