The International Monetary Fund (IMF) has reached an agreement on a new tranche of aid to Ukraine worth $880m at the working level, the Fund’s press service reported.
An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions in Warsaw with Ukrainian officials, during February 17-22, 2024, on the third review of the country’s 4-year EFF Arrangement.
Earlier, the media wrote that Kyiv was negotiating with the International Monetary Fund to transfer $900 million of the total loan of $15.6 billion. To demonstrate its solvency, Ukrainian President Volodymyr Zelensky even had to present a plan to raise taxes and cut spending, as well as selling some domestic bonds. At the conclusion of the discussions, Mr. Gray issued the following statement:
I am pleased to announce that IMF staff and the Ukrainian authorities have reached staff-level agreement on the third review of the EFF. The agreement is subject to approval by the IMF Executive Board, with Board consideration expected in the coming weeks.
The IMF noted that Ukraine’s economy “saw positive momentum” in 2023, but the outlook for 2024 “remains highly uncertain.”
