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4-year financing, the IMF reaches an agreement with Ukraine for the program of 15.6 billion dollars

Politiko 2023-03-22 08:54:24

4-year financing, the IMF reaches an agreement with Ukraine for the program of

The International Monetary Fund (IMF) has reached an agreement with Ukraine for a 4-year financing of a package worth 15.6 billion dollars, providing funds to the state during the war with Russia.

The agreement, which must be ratified by the IMF's board, considers Ukraine's path to membership in the European Union after the war ends. The IMF said the executive board is expected to approve the deal in the coming weeks.

"The main goals of the program are to support economic and financial stability under conditions of extremely high uncertainty, restore debt sustainability and support Ukraine's recovery on the path to EU accession after the end of the war," the IMF official said . Gavin Gray, via a press release.

The IMF said the deal is expected to help secure major financing for Ukraine from international donors and partners, but gave no details. Usually, IMF loans also enable support from the World Bank and other financial institutions. According to estimates, the cost of rebuilding Ukraine is estimated to be hundreds of billions of dollars.

"A gradual economic recovery is expected over the coming quarters as activity recovers from heavy damage to critical infrastructure, although there are still major risks, including the risk of further escalation of the conflict," Gray said .

If this agreement is approved, as it is expected to be, the program for Ukraine will be the largest loan that the IMF has given to a state involved in active conflict.

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