IMF mission begins discussions with Ukraine on second programme review

The IMF mission will begin discussing measures with representatives of the Ukrainian authorities regarding the second review of the Extended Fund Facility (EFF) programme on 6 November.

Source: Vahram Stepanyan, the IMF’s Resident Representative for Ukraine

Quote: "An IMF mission, led by Gavin Gray, will today start technical discussions with the  Ukrainian authorities on recent economic developments as well as fiscal, financial and  structural policies to prepare for the 2023 Article IV Consultation and the second  review of the IMF Extended Fund Facility (EFF) Arrangement," Stepanyan said.

Background:

• It has been reported that the International Monetary Fund (IMF) is preparing a mission for the second review of the Extended Fund Facility (EFF) programme, which will allow Ukraine to attract the next tranche of approximately US$900 million in assistance. 
• Previously, it was reported that the IMF mission had started technical discussions with representatives of Ukraine in Warsaw in the context of preparations for the second review of the Extended Fund Facility (EFF) programme on 25 September.
• In June, the IMF Board of Directors completed the first review of the Extended Fund Facility (EFF) programme for Ukraine – Ukraine received about US$890 million, which will be allocated to budget support.
• In March, the IMF's Executive Board approved a four-year, US$15.6 billion financing package for Ukraine to help the country meet its urgent financial needs amid the ongoing war. In total, Ukraine is eligible to receive three tranches this year from the IMF amounting to 3.3 billion Special Drawing Rights (SDRs) (US$4.5 billion).
• Subsequently, the International Monetary Fund published 19 structural benchmarks which Ukraine has promised to implement within the framework of the US$15.6 billion cooperation programme.

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