The new support program from the International Monetary Fund will help the government to finance all critical expenses and maintain macro-financial stability of Ukraine, the first tranche is expected in the near future.
this was reported by Prime Minister Denys Shmyhal in Telegram.
"The program will consist of two parts. The first is urgent financing before our victory in the war. The second part is the post-war reconstruction and transformation of Ukraine. We expect the first tranche of more than 2.7 billion dollars in the near future," he said.
The head of government also thanked the teams of the Ministry of Finance and the National Bank of Ukraine, the International Monetary Fund and all those involved.
As Ukrinform reported, on March 31, the IMF's executive board approved a new program of expanded EFF financing for Ukraine in the amount of 15.6 billion dollars.
This is stated in the official statement of the Foundation, published on Friday.
"The IMF's Executive Board today approved a 48-month Extended Facility Facility (EFF) arrangement for SDR 11.6 billion (577% of the quota or about $15.6 billion)," the document said.
At the same time, it is specified that the decision of the Executive Council allows for the immediate payment of about $2 billion SDR (or $2.7 billion USD).
It is noted that the current agreement is part of a support package for Ukraine with a total cost of 115 billion dollars.
The EFF's new program is "aimed at enshrining policies that support fiscal, external, price and financial stability and support economic recovery." At the same time, it should improve public administration, as well as strengthen Ukraine's institutions in order to promote long-term growth in the period of post-war reconstruction, as well as on Ukraine's path to the EU.
The EFF program includes two phases. The first stage (2023-2024) based on the measures of the Monitoring Program envisages strengthening fiscal, external, price and financial stability by strengthening revenue mobilization and avoiding monetary financing and targeting financing from domestic debt markets. In addition, long-term financial stability will be promoted, including by preparing a deeper assessment of the state of the banking sector and continuing to promote the independence of the NBU.
The second stage includes reforms aimed at recovery and reconstruction, as well as measures to support Ukraine's accession to the EU.