IMF Executive Board completes third review of Extended Fund Facility Arrangement for Ukraine

The National Bank of Ukraine reported a successful completion of the EFF program review.

The Executive Board of the International Monetary Fund has approved the third review of the Extended Fund Facility (EFF) Arrangement, as reported by the National Bank of Ukraine.

The successful completion of the third program review entails the immediate disbursement by the IMF of about USD 880 million to Ukraine, which will be channeled for budget support. The funds will support Ukraine’s international reserves to ensure the sustainability of the exchange rate and maintain macro-financial stability.

NBU Governor Andriy Pyshnyy thanked the IMF partners for their unwavering support and government colleagues for their joint efforts towards reforms. He emphasized that Ukraine will continue to remain committed to fulfilling the obligations it has undertaken.

“I am grateful to our IMF partners for their unwavering support of Ukraine and to our colleagues from the government for taking joint steps towards reforms despite the high uncertainty and challenges of war. We will remain committed to fulfilling our obligations, knowing that this is what Ukraine needs above all,” noted NBU Governor.

The NBU Governor stated that structural reforms will support the economy and macrofinancial stability. Overall, IMF’s support will help to strengthen the confidence of our partners and raise the necessary financing.

“Structural reforms will support the economy and macro-financial stability that are essential both in the context of a full-scale war and during post-war reconstruction. In its turn, the IMF’s support will help to strengthen the confidence of our partners and raise the necessary financing,” said NBU Governor Andriy Pyshnyy.

The National Bank of Ukraine reminded that the EFF program is being implemented in two stages (wartime and post-war) and provides access to SDR 11.6 billion in IMF credit financing.