Ukraine will receive an IMF tranche of $1.1 billion

The International Monetary Fund, based on the results of the sixth revision of the Extended Financing Facility (EFF), will provide Ukraine with approximately $1.1 billion more. This was announced on Friday, December 20, on the website of the Ministry of Finance.

The department noted that Ukraine fully complied with the conditions for the sixth revision of the cooperation program with the IMF: it adopted changes to the Customs Code; assessed financial risks to financial stability and prepared an action plan for various scenarios; analyzed the financial condition of district heating enterprises; develop a policy for state property management in state-owned enterprises, a dividend policy and a privatization strategy.

In addition, Ukraine exempted NEURC from the state registration procedure; form a new composition of the Supervisory Board of Ukrenergo with a majority of independent members; make changes to the Accounts Chamber law.

“In total, Ukraine has completed 35 structural beacons within the framework of the EFF program,” the ministry said.

IMF officials noted Ukraine’s progress and raised its economic growth forecast for 2024 to 4%, given better-than-expected resilience to energy shocks.

“Ukraine’s economy remains resilient and EFF performance remains strong despite challenging conditions. The authorities met all quantitative performance criteria and structural benchmarks at the end of September,” it said.

According to the press service of the Prime Minister of Ukraine Denis Shmygal, the funds will be used to finance important budget expenses.

It was previously reported that the Fund’s Board of Directors will consider the sixth revision of the EFF’s extended financing program and the allocation of the seventh tranche to Ukraine.