The Executive Board of the International Monetary Fund on Thursday approved the third review of Ukraine's credit program in the amount of $15.6 billion, which led to the allocation of an additional $880 million for budget support. The total volume of payments reached $5.4 billion.
The IMF noted that the risks associated with the Ukrainian economy remain extremely high due to uncertainty in the situation with the war with Russia and the issue of external financing. Nevertheless, the head of the IMF mission in Ukraine, Gavin Gray, expressed optimism about the end of the war by the end of 2024.
Gray noted that Ukraine's performance under the Extended Funding Program remains high, and the country met all performance criteria except one related to tax revenues, but by a very small amount.
According to him, Ukraine should receive new funds in the coming days. This happened against the backdrop of a delay in the allocation of additional aid in the amount of $61 billion from the US Congress.
Sana Nadim, deputy head of the IMF mission in Ukraine, said that the IMF conducted a new analysis of Ukraine's debt sustainability, which, although it did not change the macroeconomic analysis, excluded about $3 billion of Russian Eurobond debt.
She also noted that significant progress has been made in the restructuring of Ukraine's commercial debt, and the IMF expects to intensify technical discussions on this issue.
The head of the IMF, Kristalina Georgieva, emphasized the importance of the timely provision of funding by the promised donors to protect Ukraine's macroeconomic stability.
She also emphasized the need to return about 6.5 million Ukrainians who left the country because of the war, which creates serious challenges for society.
The Ukrainian economy has shown some resilience, but recovery still depends on high risks related to the war situation and external financing.
