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Monday, May 29, 2023

IMF launches mission to review extended fund facility program for Ukraine


 The mission of the International Monetary Fund (IMF) began working on the first review of the Extended Fund Facility (EFF) program with Ukraine, the National Bank of Ukraine (NBU) said in a statement.

On March 31, the Executive Board of the International Monetary Fund (IMF) approved the allocation of $15.6 billion to Ukraine as part of a four-year loan program. This is the largest loan for Ukraine and the first significant financing package from the IMF for a country involved in the conflict. Subsequently, the IMF published 19 structural points, which Ukraine vowed to fulfill under the cooperation program for the specified amount.

“The mission of the International Monetary Fund began working to conduct the first review of the joint program of the Extended Fund Facility,” the NBU said on Telegram.

According to the regulator, during the first review of the EFF program, Ukraine’s fulfillment of the obligations stipulated in the memorandum on economic and financial policy will be discussed. This means measures in fiscal and monetary policy, ensuring financial stability, as well as structural reforms. Most structural points envisioned by the EFF program, which Ukraine had to complete before the first review, have been implemented or are at the final stage.

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