The International Monetary Fund (IMF) has delivered to Ukraine the first tranche of the loan created in response to the Russian invasion, an amount amounting to 2,700 million dollars (2,480 million euros), as part of a broader package of 115,000 million dollars (105,900 million euros).
“Thanks to the funds received, we will be able to maintain stability in Ukraine, as well as ensure the spending priorities of the state budget,” Ukrainian Economy Minister Sergei Marchenko confirmed in a statement on Monday.
This delivery is part of the agreement reached last week for a new line of financing, which adds 15,600 million dollars (14,366 million euros) to the aid granted to Ukraine since the start of the war.
The objective of the new program, with a duration of 48 months, is to “maintain financial and economic stability in times of exceptional uncertainty” as well as contribute to the sustainability of Ukraine’s debt.
In the first part of the program, scheduled for 2023 and 2024, the focus will be on “implementing a robust budget and increasing income”, controlling inflation and the currency exchange rate, and contributing to good long-term financial health. through a deeper analysis of banking entities and ensuring the independence of the central bank.
As for the second phase, this will focus more on structural reforms for macroeconomic stability, post-war reconstruction and strengthening long-term growth prospects. These objectives should be aligned with the milestones required for Ukraine’s accession to the European Union.