The International Monetary Fund (IMF) and Ukraine signed a staff-level agreement on the seventh review of Ukraine’s Extended Fund Facility (EFF) of $15.5 billion program, the IMF stated on Friday.
The deal comes after eight days of talks between IMF officials and Ukrainian officials and, when approved by the IMF’s executive board, would release around $400 million in funds. It comes at a pivotal moment for Ukraine, which is still struggling with the economic consequences of war and uncertainty over future foreign financial aid.
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Gavin Gray, head of the IMF team, underlined that the EFF program helped stabilize the economy of Ukraine during continuing challenges. “Ukraine’s four-year EFF Arrangement with the IMF remains a strong anchor for the authorities’ economic program in a period of exceptionally high uncertainty,” Gray said.
The IMF also noted that the program is still on track with the help of important external support. Ukraine’s finance ministry concurred in an independent statement that the nation is still committed to putting the agreed reforms into action.
The deal highlights the IMF’s continued role in the support of financial stability in Ukraine as the country continues to weather wartime economic challenges. Executive board approval will bring much-needed finance to Ukraine to continue economic reform and ensure financial stability amid long-term geopolitical uncertainty.
