Sergii Marchenko met with IMF First Deputy Managing Director Gita Gopinath

On April 11, during the working visit to the IMF and the World Bank Spring Meetings, Minister of Finance of Ukraine Sergii Marchenko and IMF First Deputy Managing Director Gita Gopinath discussed strengthening cooperation to overcome the economic consequences of the war.

The meeting was also attended by Deputy Minister of Finance Olga Zykova, Deputy Minister of Finance for European Integration Yuriy Draganchuk and Government Commissioner for Public Debt Management Yuriy Butsa, representatives of the National Bank of Ukraine, Ambassador Extraordinary and Plenipotentiary of Ukraine to the United States Oksana Markarova.

The parties discussed the macro-economic situation in Ukraine and the current state of cooperation under the Extended Fund Facility (EFF) Program.

Sergii Marchenko thanked the IMF management for its unprecedented support for Ukraine. In March 2023, the IMF Executive Board approved a four-year Extended Fund Facility Program for Ukraine in the amount of USD 15.6 billion. 

"The Ministry of Finance of Ukraine highly appreciates the support of the IMF and its contribution to the economic development of the country over the years. In times of war, the partnership with the Fund helps to maintain financial stability and mitigate the economic consequences of the invasion. Together with the IMF, we have done a great job, moving from uncertainty to a new financing program," said Sergii Marchenko.

Ukraine received the first tranche of SDR 2.0 billion (equivalent to USD 2.7 billion) under the Extended Fund Facility immediately after the program was approved. The funds were directed to the budget on April 3, 2023.

The Minister of Finance noted that the EFF program is a pillar of cooperation with international partners and helps to attract large-scale funding from donors, including the G7 countries and the European Union.

The parties also discussed the performance of the Program's conditions by the Ukrainian side. The Government of Ukraine committed to strengthen policies that sustain fiscal, external, price and financial stability and support economic recovery while enhancing governance and strengthening institutions to promote long-term growth in Ukraine's post-war reconstruction and European integration path.