The International Monetary Fund (IMF) announced that Ukraine has passed a second review of economic and financial policies for the disbursement of 900 million dollars (841 million euros) in aid for the ravages caused by the war.
The Fund’s technical staff reached an agreement with the Ukrainian Government after several days of meetings in Poland that must now be ratified by the IMF executive board in Washington.
The Fund reported in a statement that Ukraine has met “all quantitative performance criteria” and “most structural benchmarks,” paving the way for the executive board to allow the disbursement of some 900 million Dollars.
This aid is part of the Expanded Fund Facility Agreement (EFF), a package approved last March and which will last four years, with a total disbursement of $15.6 billion.
The organization considers that the good results of the second review that Ukraine has gone through “reflects the authorities’ permanent commitment to the reform agenda” required for the disbursement of resources.
Gavin Gray, leader of the IMF delegation that met with the Ukrainian authorities, stated that the war due to the Russian invasion “continues to have a devastating impact on the population and economy” of the European country, aggravated by the “destruction of ports that have prevented Ukraine’s exports.
However, he stressed that economic stability “has been maintained” thanks to prudent policies and the support of the international community.
The IMF sees “remarkable resilience” in the Ukrainian economy and has raised the GDP growth forecast for 2023 to 4.5%.
“Strong implementation of structural reforms, including those in governance, anti-corruption and public investment management, will be crucial to lay the foundation for strong and sustained growth,” Gray stressed.
