IMF begins fifth review of Ukraine’s EFF program, $1.1 billion tranche expected

The IMF begins its fifth review of Ukraine's Extended Fund Facility, potentially releasing $1.1 billion, as PM Shmyhal discusses reforms, macrofinancial stability, and Russian asset confiscation with IMF's Kammer.

Sep 3, 2024 - 19:00

IMF begins fifth review of Ukraine’s EFF program, $1.1 billion tranche expected

ukrainian pm denys shmyhal holding video call imf's alfred kammer telegram/denys

The International Monetary Fund (IMF) has initiated the fifth review of Ukraine’s Extended Fund Facility (EFF) program, potentially paving the way for a $1.1 billion tranche this autumn, according to Prime Minister Denys Shmyhal.

Amid the ongoing war against Russian aggression, Ukraine’s economy relies heavily on international aid from Western partners, including $10.2 billion received from the IMF since the start of Russia’s full-scale invasion.

Shmyhal discussed the mission’s commencement with Alfred Kammer, Director of the IMF’s European Department. The Prime Minister expressed gratitude to Kammer and the IMF team for their effective work on the fourth program review, which concluded this summer.

During their conversation, the parties addressed the implementation of reforms and the fulfillment of structural benchmarks, noting progress in these areas. Shmyhal emphasized Ukraine’s active collaboration with international partners to ensure macrofinancial stability, including the successful implementation of the EU’s Ukraine Facility program, valued at 50 billion euros, according to Schmyhal.

The discussion also focused on the issue of confiscating Russian assets, which are expected to become an important resource for supporting Ukraine.

At the end of June 2024, the IMF Executive Board completed the fourth review of Ukraine’s EFF program, resulting in Ukraine receiving a tranche of approximately $2.2 billion in early July. The total amount of funds raised under the program reached $7.6 billion.

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