Ukraine, IMF agree on $2.2 billion loan

ISTANBUL

The International Monetary Fund (IMF) announced Friday it agreed on a $2.2 billion loan deal with Ukraine.

The sides have reached staff-level agreement on the fourth review of the 4-year Extended Fund Facility (EFF) arrangement with Ukraine, the IMF said in a statement.

The 48-month EFF arrangement, which was approved in March 2023, provides access to around $15.6 billion, while it is part of a $122 billion support package for the war-torn country.

"All quantitative performance criteria were met, and structural benchmarks for the review were either met or implemented with a short delay," it said. "Understandings were also reached on an updated set of economic and financial policies to sustain macroeconomic stability and advance economic reforms."

Ukraine's economy achieved resilient growth and disinflation continued through the first quarter of this year, said the IMF.

Risks, however, are high and they are rising as the war against Russia continues, and the outlook for the remainder of this year remains highly uncertain, it added.

The $2.2 billion loan is subject to approval by the IMF's executive board.