IMF board okays $15.6bn package for Ukraine

Published April 1, 2023
Ukraine’s President Volodymyr Zelenskiy speaks with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva via videolink, as Russia’s attack on Ukraine continues, in Kyiv, Ukraine May 20, 2022. —  Ukrainian Presidential Press Service via Reuters
Ukraine’s President Volodymyr Zelenskiy speaks with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva via videolink, as Russia’s attack on Ukraine continues, in Kyiv, Ukraine May 20, 2022. — Ukrainian Presidential Press Service via Reuters

WASHINGTON: The International Monetary Fund said on Friday its executive board had approved a four-year $15.6 billion loan programme for Ukraine, part of a broader $115bn international support package to help the country meet urgent funding needs.

The decision clears the way for an immediate disbursement of about $2.7bn to Kyiv, the Fund said in a statement.

The Extended Fund Facility loan is the first major financing programme approved by the IMF for a country involved in a large-scale war. Ukraine’s previous $5bn IMF programme expired last year.

“Russia’s invasion of Ukraine continues to have a devastating economic and social impact,” IMF official Gita Gopinath said in a statement.

Despite this, Ukrainian authorities “have nevertheless managed to maintain overall macroeconomic and financial stability, thanks to skillful policymaking and substantial external support”, she added.

The decision formalises an IMF staff-level agreement reached with Ukraine on March 21 that takes into consideration the country’s path to accession to the European Union after the war.

Ukrainian President Volodymyr Zelensky welcomed the new funding.

Published in Dawn, April 1st, 2023

Opinion

Editorial

Counterterrorism plan
Updated 23 Nov, 2024

Counterterrorism plan

Lacunae in our counterterrorism efforts need to be plugged quickly.
Bullish stock market
23 Nov, 2024

Bullish stock market

NORMALLY, stock markets rise gradually. In recent months, however, Pakistan’s stock market has soared to one ...
Political misstep
Updated 23 Nov, 2024

Political misstep

To drag a critical ally like Saudi Arabia into unfounded conspiracies is detrimental to Pakistan’s foreign policy.
Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...