IMF approves program to help Ukraine secure donor funding

WASHINGTON: The IMF said on Monday it had approved an economic monitoring program for Ukraine this could help Kyiv secure funding from donors, with the war-torn country needing more than $40 billion this year.
The International Monetary Fund said the monitoring program was “designed to help Ukraine maintain stability and catalyze donor funding amid very high balance of payments needs and exceptionally high risks.” “, following the Russian invasion, the International Monetary Fund said in a statement.
The IMF said the Ukrainian authorities are committed to economic and financial reforms, particularly with regard to tax collection, the domestic debt market, transparency and the independence of the central bank.
They have four months to demonstrate their progress under Participatory Program Monitoring (PMB), the statement said.
Mr Gavin said the framework of measures overseen by the IMF was aimed at paving the way for financing, which could “come from many sources”. Greyhead of the IMF’s mission to Ukraine.
Gray said Ukraine needs between $40 billion and $57 billion to cover budget and operational needs for 2023.
“Following the IMF’s recommendations will “give donors confidence to deliver resources,” he said.
Russia’s invasion “continues to have devastating economic and social impacts on Ukraine”, with increasing civilian casualties and displacement of a third of the population, IMF First Deputy Executive Director Gita Gopinath said in a statement.
“Despite all these tensions, the authorities have largely managed to maintain macroeconomic and financial stability, and they are committed to continuing to fine-tune policies for the future,” said Gopinath. adapted to rapidly changing circumstances, including in the event of a severe recession scenario.”
“Large and predictable external financial support will be critical to the success of the administration’s strategy and pre-disbursement will help resolve tensions by early 2023,” she said.
If Ukraine successfully complies with the surveillance program, it “will help pave the way for a program that can be fully supported by the IMF,” she said.
Gray stressed that it was “too early” to say how big the IMF program could be.
The IMF has provided $2.7 billion in emergency aid to Kiev since the start of Russia’s invasion of Ukraine in February.
The European Commission recently proposed 18 billion euros ($19 billion) in aid by 2023 in the form of loans.


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