Ukraine receives first tranche of $2.7 billion from new IMF program - Finance Minister
Program will help Ukraine implement "more ambitious structural reforms"
Ukraine has received the first tranche of $2.7 billion from a new IMF program, Finance Minister Sergiy Marchenko said on Twitter on Monday.
The IMF, which regularly provides emergency loans to countries in crisis, on Friday approved a new four-year, $15.6 billion Extended Fund Facility (EFF) deal as part of a $115 billion overall support package for Ukraine.
The program is aimed at "fiscal, external, price, and financial stability and supports economic recovery while improving governance and strengthening institutions to promote long-term growth in the context of post-war reconstruction and Ukraine's path to EU accession," the IMF said in a statement.
The program also helps Ukraine implement "more ambitious structural reforms."
The Extended Fund Facility (EFF) loan is the first major financing program approved by the IMF for a country involved in a major war, Reuters reports.
Background. As a reminder, the IMF predicts that Ukraine's GDP will grow by 1% in 2023 due to an improvement in the energy sector.
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