Denys Shmyhal and Sergii Marchenko met with IMF Managing Director Kristalina Georgieva

During the Spring Meetings of the IMF and the World Bank, Prime Minister of Ukraine Denys Shmyhal and Minister of Finance of Ukraine Sergii Marchenko met with IMF Managing Director Kristalina Georgieva.

The parties discussed the current state of cooperation between the Government of Ukraine and the International Monetary Fund. 

"The Fund was one of the first to provide financial assistance to Ukraine after the start of the full-scale invasion. This helped finance urgent budget expenditures in the face of declining tax and customs revenues, at the same time, increased defense spending and social protection, humanitarian purposes. Recently, the IMF made a historic decision on a financial program for a country at war. I am grateful to my colleagues for this crucial and timely assistance. The new Extended Fund Facility program will make a significant contribution to the financing of this year's budget deficit and will create the underpin for the reconstruction of the country and its accession to the EU", the Minister of Finance of Ukraine said.

In March 2023, the Executive Board of the International Monetary Fund approved a new four-year Extended Fund Facility for Ukraine in the amount of USD 15.6 billion. 

The first tranche of USD 2.7 billion was directed to the State Budget of Ukraine on April 3, 2023. Ukraine also expects to receive two additional tranches during the year totaling USD 1.8 billion.

Sergii Marchenko also thanked the IMF management for the support in implementing essential measures and policies in the fiscal and financial areas. 

The Government of Ukraine together with its international partners have identified key short-term reforms that will limit the devastating effects of the war, reduce risks to stability and create a basis for economic recovery. 

At the same time, Kristalina Georgieva noted the efforts of the Government of Ukraine to preserve the financial stability of the country.