IMF to provide $886m to Ukraine
President Volodymyr Zelenskyy of Ukraine. Photo via the Presidential Office of Ukraine

The International Monetary Fund has approved the first revision of the Extended Fund Facility (EFF) programme, which will provide Ukraine with about USD 886 million, president Volodymyr Zelenskyy said on Thursday evening.

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Mr Zelenskyy thanked IMF managing director Kristalina Georgieva and the IMF executive board for their support.

Separately, Ukrainian prime minister Denys Shmyhal noted the new tranche would help the government to fully finance priority budget expenditures.

In late March, the IMF Executive Board approved a four-year loan to Ukraine of USD 15.6 billion in the form of Extended Fund Facility (EFF).

The Fund's mission in Ukraine started working in late May.

In total, Ukraine is set to receive USD 3.6 billion from the IMF this year.

The Extended Fund Facility (EFF) provides financial assistance to countries facing serious medium-term balance of payments problems due to structural deficiencies that will take time to resolve.

The facility offers countries longer participation in the programme and a longer repayment period to help them implement medium-term structural reforms.

The facility is typically approved for a period of three years, but this may be extended for another year to implement deep and sustainable structural reforms.

Disbursements under the facility are conditional on meeting quantitative performance criteria, and progress in implementing structural reforms is assessed holistically, including through benchmarks.