IMF board approves $900M in funds for Ukraine

WASHINGTON

The executive board of the International Monetary Fund (IMF) approved the disbursal of $900 million in aid to Ukraine on Monday.

"Ukraine’s 48-month EFF (Extended Fund Facility) arrangement, with access of SDR 11.6 billion (equivalent to $15.6 billion, or about 577 percent of quota), was approved on March 31, 2023 and forms part of a $122 billion support package for Ukraine," the IMF said in a statement.

The EFF continues to provide a "strong anchor" for the authorities’ economic program, and its implementation has been broadly on track despite the extremely challenging backdrop, it added.

The move came ahead of Ukrainian President Volodymyr Zelenskyy's meeting with Managing Director Kristalina Georgieva at IMF headquarters in Washington.

Georgieva said in the statement that "Russia’s invasion of Ukraine continues to bring enormous social and economic costs to Ukraine," adding it is "critical" that external financing on concessional terms continues on a timely and predictable basis and sustains the reform momentum.

After her meeting with Zelenskyy, she said on X that the IMF is committed to support Ukraine in building the foundation for a strong economy.

Zelenskyy welcomed the IMF's "important" decision to allocate a $900 million tranche.

"I thanked IMF for supporting Ukraine and acknowledging our nation's and people's achievements. During the war, we are implementing reforms to strengthen our institutions and working with partners to give more economic opportunities for our people," he said on X.