The International Monetary Fund's executive board (IMF) on Monday approved a $900 million disbursement for Ukraine from its $15.6 billion loan program, hours before IMF chief Kristalina Georgieva met with Ukrainian President Volodymyr Zelenskiy.
“The EFF continues to provide a strong anchor for the authorities’ economic program, and its implementation has been broadly on track despite the extremely challenging backdrop,” the IMF said in a statement.
Georgieva said Ukraine’s economy had proven resilient despite Russia’s invasion in February 2022 and the “enormous social and economic costs” it posed.
“Looking ahead, whereas the recovery is expected to continue, the outlook has significant risks stemming mainly from the exceptionally high war-related uncertainty,” Georgieva said in a statement.
Its government expects a budget deficit of about $43 billion in 2024 and plans to cover it with domestic borrowing and financial aid from its Western partners.
But Ukrainian officials are growing worried about the certainty of financing, and some analysts predict Western aid could start diminishing next year.
He said the IMF would conduct a third review under the EFF loan in the spring, and would be looking for moves by Ukraine to bolster its tax revenues.
The original article contains 472 words, the summary contains 159 words. Saved 66%. I’m a bot and I’m open source!
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“The EFF continues to provide a strong anchor for the authorities’ economic program, and its implementation has been broadly on track despite the extremely challenging backdrop,” the IMF said in a statement.
Georgieva said Ukraine’s economy had proven resilient despite Russia’s invasion in February 2022 and the “enormous social and economic costs” it posed.
“Looking ahead, whereas the recovery is expected to continue, the outlook has significant risks stemming mainly from the exceptionally high war-related uncertainty,” Georgieva said in a statement.
Its government expects a budget deficit of about $43 billion in 2024 and plans to cover it with domestic borrowing and financial aid from its Western partners.
But Ukrainian officials are growing worried about the certainty of financing, and some analysts predict Western aid could start diminishing next year.
He said the IMF would conduct a third review under the EFF loan in the spring, and would be looking for moves by Ukraine to bolster its tax revenues.
The original article contains 472 words, the summary contains 159 words. Saved 66%. I’m a bot and I’m open source!