IMF inks $8.2B fund agreement with Ukraine

By Mucahithan Avcioglu

ISTANBUL (AA) - The International Monetary Fund (IMF) announced Wednesday that a staff agreement has been reached with Ukraine on a new 48-month $8.2 billion program.

The fund said in a statement that an IMF delegation held talks with Ukrainian officials on Nov. 17-21 upon request for a new program.

It stated that the IMF staff and the Ukrainian authorities have reached a staff-level agreement on a set of macroeconomic and structural policies that could be supported by a new 48-month arrangement under the Extended Fund Facility (EFF).

"Russia’s war continues to take a heavy toll on Ukraine’s people and its economy. The authorities nevertheless remain steadfast in their resolve to maintain macroeconomic stability and to restore debt sustainability and external viability. They are also committed to addressing informality, tackling corruption, and improving governance, including in the state-owned enterprise sector," the fund noted.

It stressed that the IMF remains committed to its engagement with Ukraine, and a new program could be brought to the IMF’s Executive Board for approval upon completion of the prior actions and subject to adequate financing assurances from donors.

"The IMF welcomes all efforts to secure a durable peace, and the program will be recalibrated as needed at each review depending on progress towards a resolution of the war," the fund added.