Ukraine receives another tranche of IMF loan: details of the EFF programme
23 October 2024 13:34
Ukraine has received another tranche from the International Monetary Fund in the amount of USD 1.1 billion. This was announced by Prime Minister of Ukraine Denys Shmyhal, reports "Komersant Ukrainian"
The funds were received after the successful completion of the fifth review of the Extended Fund Facility (EFF) programme totalling USD 15.6 billion.
According to the Prime Minister, the funds will be used to cover important non-military budget expenditures.
“We are already starting to work together on the next revision of the programme,”
– the Prime Minister said.
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The IMF’s EFF programme
The IMF’s Extended Fund Facility (EFF) is one of the key instruments for international partners to support Ukraine’s economic stability in the face of a full-scale war.
The four-year EFF programme of about $15.6 billion was approved on 31 March 2023 and is part of a $122 billion package of international support for Ukraine.
Ukraine has set a record in its cooperation with the IMF – in the 19 months of the Extended Fund Facility programme, five reviews have been successfully completed, which has never happened before in the history of cooperation with the Fund. As a result, Ukraine has already received USD 8.7 billion out of the total amount of the programme of USD 15.6 billion.
Since the beginning of the full-scale war, the total amount of assistance from the IMF has already exceeded USD 11.3 billion. THE TOTAL AMOUNT OF AID FROM THE IMF HAS ALREADY EXCEEDED $11.3 BILLION.
Another tranche is due in December 2024. The government has already begun working on revising the programme to receive it.
The funding bar for 2025 has been raised significantly – while the IMF initially planned to allocate about USD 1.8 billion based on the results of two reviews of the EFF programme, this amount has now increased to USD 2.7 billion, which will be received after four reviews.
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