The mission of the International Monetary Fund IMF has completed the first revision of Ukraine’s Extended Financing Program EFP. Kiev has satisfied the conditions for financial support and is eligible to receive payments near 900 million dollars, though formal approval rests with the IMF board of directors. This detail is reported by Reuters citing an IMF document.
“All quantitative benchmarks for efficiency within the EFP aid plan have been met by the end of April, with the structural targets achieved by the end of May”, the message states.
On March 31, the IMF Board of Executive Directors approved a 15.6 billion dollar loan to Ukraine as part of a four year loan arrangement. It was noted as the largest loan issued to Ukraine to date and the first major financing package from the IMF during a period of conflict. Subsequently, the IMF published 19 structural commitments Ukraine pledged to fulfill under the cooperation program. These relate to monetary and fiscal policy, financial stability, and broader structural reforms.
The IMF mission conducted work through a mix of online and in-person activities.
“IMF staff also raised Ukraine’s real GDP growth projection for 2023 to a range of 1 to 3 percent from the prior forecast of minus 3 to 1 percent”, the report explains. While prospects remain uncertain as the special operation continues, analysts note progress in stabilization efforts.
The Extended Financing Program is part of a broader package of international support totaling 115 billion dollars, provided to Ukraine by international partners under a special operations framework.