Ukraine received $2.2 billion from the IMF: what does it mean for the country

Ukraine successfully attracted the fifth tranche of USD 2.2 billion from the International Monetary Fund as part of the four-year Extended Fund Facility (EFF) program. This was announced by the Prime Minister of Ukraine, Denys Shmyhal, emphasizing that these funds are part of the total volume of the EFF program, which is 16 billion dollars.

According to Shmyhal, receiving the fifth tranche became possible thanks to Ukraine's successful fulfillment of key conditions and passing the fourth review of the program. These funds will be directed to the financing of social payments, in particular the salaries of doctors and teachers, as well as to the support of critical expenditures of the country's budget.

The IMF Executive Board approved the fourth revision of the EFF program on June 28, according to the report. During the fourteen months of operation of the program, Ukraine successfully passed four revisions, which in total allowed to attract about 7.6 billion US dollars out of the planned 15.6 billion US dollars.

The Minister of Finance of Ukraine, Serhiy Marchenko, emphasized that the next steps involve the implementation of structural reforms in the spheres of public finances, the financial sector, monetary and exchange rate policy, governance, the fight against corruption, and the energy sector. These measures are defined in the joint Memorandum of Ukraine and the IMF on the economic and financial policy of the country.

An important part of the agreements is the further provision of macro-financial stability of Ukraine and the creation of conditions for its further recovery and development, which is strategic for the country's future accession to the European Union.