ISTANBUL

Ukraine has reached a staff-level agreement with the International Monetary Fund (IMF) on the eighth review of the Extended Fund Facility (EFF), paving the way for a new disbursement of about $500 million, Prime Minister Denys Shmyhal announced Thursday.

Shmyhal said the latest review, once approved by the IMF Board of Directors, will bring total payments under the $15.6 billion arrangement to over $10 billion.

“According to IMF estimates, despite the challenges of the war, our country’s economy remains stable and the government continues to make the necessary changes and reforms,” he wrote on X, thanking the National Bank of Ukraine (NBU) teams for their work.

He also expressed gratitude to the IMF for what he called a “reliable partnership” that supports Ukraine in maintaining macroeconomic stability “under difficult conditions.”

The EFF arrangement, approved in March 2023, is a key component of the IMF’s multi-year support for Ukraine amid the ongoing war with Russia.