Ukraine to receive financial assistance from IMF

Ukraine will receive a total of $4.5 billion from the International Monetary Fund this year as Russia continues its full scale invasion of Kiev

Kiev: Ukraine will receive a total of $4.5 billion from the International Monetary Fund (IMF) this year as Russia continues its full scale invasion of Kiev, the war-torn country’s Finance Ministry said.

Ukraine received the first tranche of $2.7 billion earlier this month, and expects to receive two additional tranches totaling $1.8 billion, Xinhua news agency quoted the Ministry as saying.

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After his meeting with IMF Managing Director Kristalina Georgieva at the Spring Meetings of the IMF and the World Bank, Ukrainian Finance Minister Serhiy Marchenko said the new Extended Fund Facility program endorsed by the global lender last month “will make a significant contribution to the financing of this year’s budget deficit and will create the underpin for the reconstruction of the country and its accession to the European Union”.

Last month, the IMF approved a four-year Extended Fund Facility program for Ukraine in the amount of $15.6 billion to support the country’s stability and economic recovery.