The IMF Executive Board Decided to Allocate to Ukraine a tranche of USD 700 million
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The Executive Board of the International Monetary Fund made a positive decision on the completion of the first review of the Stand-By Programme and on the allocation to Ukraine a tranche of USD 700 million.
Also, the Stand-By Program has been extended till the end of June 2022.
The proceeds from the IMF will be used to ensure macroeconomic stability and to finance the budget deficit.
Minister of Finance of Ukraine Sergii Marchenko welcomed the decision of the IMF Board.
"I am grateful to the IMF team, who has been our reliable partner for a long time. The decision to allocate the tranche is the result of our ongoing structural reforms and evidence that our country is on the right track. We have made significant efforts to achieve this result. Availability of the IMF program has a positive influence on the international image of our country and opens up opportunities for receiving financial support from several international partners", - Sergii Marchenko said.
To receive the IMF tranche Ukraine has implemented some systematic reforms supported by the IMF, in particular on the launch of the reform of the judicial system, continuing reforms in the financial sector and eliminating threats to the anti-corruption infrastructure arising from decisions of the Constitutional Court made back in October 2020.
On October 18, 2021, the IMF and Ukraine reached a staff-level agreement on the completion of the first review of the Cooperation Program with the IMF, which began in June 2020, with a total amount of USD 5 billion.