IMF Begins Eighth Review of Extended Funding Program for Ukraine

The International Monetary Fund has commenced the eighth review of the Extended Fund Facility (EFF) program for Ukraine in Kyiv. This was announced by the IMF’s Resident Representative, Prishila Tofano.

This is reported by AgroReview

“The IMF mission led by Gavin Gray is starting discussions today in Kyiv with representatives of the Ukrainian authorities on the eighth review of the Extended Fund Facility (EFF) program,” Tofano stated in Kyiv.

Context of Ukraine’s Cooperation with the IMF

In March of this year, the Executive Board of the International Monetary Fund completed the seventh review of the Extended Fund Facility mechanism for Ukraine. As a result, Ukraine received $0.4 billion, which was directed towards supporting the state budget. According to the IMF report, the Ukrainian authorities, despite some management delays, continue to implement key reforms.

Financial Support and Next Steps

Following the completion of the previous review, Ukraine’s Prime Minister Denys Shmyhal confirmed the receipt of approximately $400 million in tranche from the IMF to the country’s budget. These funds help ensure the financial stability of the state amid a challenging economic situation.

The eighth review is a crucial stage in the cooperation between Ukraine and the IMF, as it will facilitate further mobilization of financial resources and support for the reforms necessary for economic stability.