Ukraine expects to attract three more tranches of $4.5 billion under the EFF program this year
Kyiv • UNN
In 2024, Ukraine expects to attract three more tranches totaling $4.5 billion under the IMF's Extended Fund Facility (EFF) program, in addition to the $880 million already received after the successful third review in March 2024.
In 2024, Ukraine expects to attract three more tranches of $4.5 billion under the EFF program. This was announced by Deputy Minister of Finance Denys Uliutin, UNN reports.
Today, on May 23, the leadership of the Ministry of Finance held a working meeting with the leadership of the European Department of the International Monetary Fund and the IMF mission in Ukraine.
In addition to budgetary issues, including the implementation of the 2024 budget and preparations for the 2025 budget process, and the continued need for external financing, the parties discussed preparations for the fourth review of the IMF's Extended Fund Facility (EFF) program.
It is reported that for 2024, the EFF program provides for USD 5.4 billion of budgetary assistance to Ukraine, of which about USD 880 million has already been received as a result of the successful third review of the program in March 2024.
Ulyutin expressed gratitude to the IMF for its timely support of Ukraine from the first days of the full-scale invasion and emphasized the importance of the continued operation of the EFF program.
Ukraine's compliance with the program is of great importance, as the implementation of certain measures and policies helps to maintain macrofinancial stability and paves the way for the country's European integration, while adapting the financial system to function in an uncertain environment. Three more reviews are planned for 2024 under the EFF program, which will potentially attract budget support totaling about USD 4.5 billion
It is noted that since the beginning of the program, Ukraine has implemented 21 IMF structural beacons, 14 of which relate to fiscal policy and the financial sector. In particular, they include legislative initiatives to improve the Budget Code, strengthen tax policy and public debt management.
The total amount of the Extended Fund Facility (EFF) program for 2023-2027 is USD 15.6 billion. The EFF is part of the international support package for Ukraine, which currently amounts to about USD 122 billion.
