Ukrainian officials initiated discussions on Thursday with a team from the International Monetary Fund regarding the review of the country’s latest loan program, which has the potential to release approximately $917 million in new funding.
As the conflict with Russia extends into its fourth year, Ukraine remains significantly reliant on international financial assistance to meet its social and humanitarian expenditures, with a substantial portion of state revenue allocated to defense efforts.
This marks the seventh routine assessment of Ukraine’s $15.6 billion Extended Fund Facility (EFF) program, as stated by the IMF. Economists have indicated that achieving the necessary reform targets may present challenges for Ukraine.
The program includes objectives such as amending the criminal code and enacting legislation to establish an administrative court, yet these draft bills have not yet been reviewed by Parliament.
Prime Minister Denys Shmyhal communicated via the Telegram messaging platform that the government anticipates receiving a total of $2.7 billion from the IMF throughout this year.
“Collaboration with the fund is crucial for our financial stability,” Shmyhal remarked. “In spite of the ongoing war, we are committed to transforming the economy and executing essential reforms.”
Since Russia’s invasion in February 2022, the IMF has disbursed a total of $12.4 billion to Ukraine, Shmyhal noted.
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Data from the finance ministry indicated that the country has received over $118 billion in foreign financial assistance from its allies since the onset of the conflict.
