Ukraine has already received $100B in external financing and has completed all tasks to receive a new tranche from the IMF. Before the sixth review of the EFF’s (Extended Fund Facility) extended financing program, Ukraine had fulfilled all structural beacons by the end of October and all quantitative performance crit... #EBA #EFFprogram #imf #IMFStructuralBeacons #LoanForUkraine #SupportUkraine
Ukraine expects the IMF to approve a $1.1B loan. “The ongoing IMF mission to Kyiv ends on November 18, with discussions expected to continue virtually after that”, said an IMF resident representative in Ukraine, Priscilla Toffano. The In... #imf #IMFStructuralBeacons #ReformsinUkraine #TaxIncrease
Ukraine plans to reserve part of the $50B G7 loan for its financial needs after 2025. The G7 initiative for Ukraine that will provide $50B secured by revenues from frozen Russian assets eliminates the state budget deficit for 2025. However, the government plans to keep part of these fu... #DenysShmyhal #G7 #imf #LoanForUkraine #RussianAssetsProfits #UkraineBudget #UkraineFacility
The IMF criticizes the 50% tax rate on banks’ profits and advises Ukraine to increase its internal financing sources. The deputy head of the IMF mission in Ukraine, Trevor Lessard, noted that the introduction of a 50% tax on bank profits for the second year in a row contradicts the nature of taxing excess profits, un... #imf #TaxesUkraine #TaxIncrease #TrevorLessard #UkraineBanksProfits #UkrainianBanks
Ukraine expects to receive another $15B from its partners by the end of 2024. The Ministry of Finance of Ukraine expects to receive more than $15B in foreign aid in the last two months of 2024. During October 21-26, the ministry’s team led by Minister Serhii Marchenko hel... #financialaidforUkraine #G7 #imf #IMFtranche #LoanForUkraine #RussianAssetsProfits #SerhiyMarchenko
How did Russia’s destruction of energy infrastructure affect the IMF’s forecast for Ukraine’s economy? The IMF’s latest forecast for Ukraine’s economic growth in 2024-2025 was significantly lowered, primarily due to Russia’s destruction of the Ukrainian energy infrastructure and uncertainty... #AlfredKammer #EnergyInfrastructure #imf #KristalinaGeorgieva #UkraineEconomicForecast #UkraineEconomy
The IMF encourages Ukraine to make profound tax changes but not to raise rates. IMF experts unveiled their proposals for reducing Ukraine’s national debt as part of their recommendations. The IMF’s Deputy Director of the Fiscal Affairs department, , noted that their r... #EraDablaNorris #imf #TaxesUkraine #TaxIncrease #ukrainedebt #UkraineEconomicForecast #UkraineEconomy
Ukrainian refugees have integrated into the EU labor market faster than their predecessors from other countries. According to the IMF’s New World Economic Survey (WEO), after a downturn during the pandemic immigration to the EU reached an all-time high in 2022, mainly due to the migration of more than four milli... #imf #LaborMarket #RefugeesFromUkraine #RefugeesIntegration #WorkForRefugees
The US agrees to provide almost $20B as part of the G7’s loan to Ukraine. According to FT, Western officials want to deliver funding to Kyiv by the end of the year, realizing that if Donald Trump wins the US elections in November, Washington’s aid to Ukraine is at ris... #G7 #imf #LoanForUkraine #RussianAssetsArrested #RussianAssetsProfits #worldbank
The IMF Board has completed the fifth EFF review for Ukraine and will allocate $1.1B, an IMF statement says. Experts note that the Ukraine’s economy remains stable, and the implementation of the EFF program is high, despite difficult conditions. Ukrainian authorities met all quan... #EFFprogram #imf #IMFStructuralBeacons #IMFtranches #ReformsinUkraine
The IMF adds more beacons to Ukraine’s updated memorandum. The National Anti-Corruption Bureau audit was postponed from the end of September to the end of January 2025, and changes to the Criminal Procedure Code were delayed from the end of October 2024 to th... #CustomsUkraine #imf #IMFStructuralBeacons #ReformsinUkraine #Ukrenergo
US Deputy Under Secretary for International Finance Brent Neiman is confident that the IMF will approve a new $1.1B tranche for Ukraine. The IMF approved the tranche’s provision at the working level on September 10, but the Fund’s executive board still needs to give its final approval. “Ukraine has already undergone s... #BrentNeiman #imf #IMFprogramm #IMFStructuralBeacons
Thanks to lower fees on its IMF loans, Ukraine will save hundreds of millions of dollars. The IMF, one of Ukraine’s key donors, has made an important decision that will reduce public debt payments for developing countries, including Ukraine. From November, the IMF will reduce its com... #imf #IMFloans #KristalinaGeorgieva #LoanForUkraine #VladyslavRashkovan
Ukraine has fulfilled almost all IMF requirements for the sixth revision of the cooperation program. According to monitoring by the RRR4U consortium, the parties agreed on the successful fifth revision of the current cooperation program in early September. Soon, a decision from the Board of Directors... #imf #IMFStructuralBeacons #NABU #ReformsinUkraine #RRR4U
Ukraine simplified the privatization of state-owned banks and is preparing to reform the Accounting Chamber. The Ukrainian Parliament approved a draft law on the peculiarities of the sale of state-owned shares in the authorized capital of banks. The move expands the range of potential investors whom the stat... #AccountingChamber #imf #ReformsinUkraine #UkraineStateBanks #UkrainianParliament
The IMF will decide on the next tranche for Ukraine in the coming weeks but keeps insisting on mobilizing domestic revenues for critical expenses. The IMF Executive Board plans to consider the issue of approving the results of the EFF program’s fifth revision and the allocation of the next tranche to Ukraine within a few weeks, IMF spokesw... #imf #JulieKozack #TaxesUkraine #UkraineBudget #UkraineBudgetDeficit
The IMF has worsened its GDP growth and inflation forecasts for Ukraine. The IMF predicts the growth of Ukraine’s real GDP at 3% in 2024 with inflation at 9%, the National Bank reported following the IMF mission. The IMF emphasized that Ukrainian fiscal policy, high ... #GDPinUkraine #imf #InflationinUkraine #nbu #UkraineEconomicForecast #UkraineEconomy
The IMF agrees to provide Ukraine with another $1.1B, but there are conditions. After the IMF’s Executive Board approves this agreement, Ukraine will receive another $1.1B tranche. As of the end of June, Ukraine has fulfilled all quantitative criteria and structural beacons... #GavinGray #imf #IMFStructuralBeacons #ReformsinUkraine #Ukrenergo
The prime minister held a press conference regarding Ukraine’s work with the IMF and the upcoming winter. Here are the most interesting items from the head of the Ukrainian government, Denys Shmyhal. The IMF’s fifth mission emphasizes the 2025 budget. As the PM noted, this was the first time the IMF missi... #DenysShmyhal #ElectricityImport #EnergyDecentralization #energyukraine #GasMiningUkraine #HeatingSeasonUkraine #imf
The IMF pushes Ukraine to raise taxes and depreciate the hryvnia, with $1.1B in new financial aid at stake. Ukrainian officials expect the IMF this week to push the country toward faster currency devaluation, lower interest rates, and to increase tax collection efforts to close the country’s budget de... #BudgetDeficit #financeUkraine #hryvniadevaluation #imf #nbu #UkraineBudget
At the IMF’s request, Ukraine plans to introduce mandatory war risk insurance. The Financial Stability Board supports a draft law that would create a fully functional military risk insurance system in Ukraine and will submit it to the parliament for consideration. The project pr... #imf #WarRiskInsurance
The Ministry of Finance links the multibillion-dollar hole in the budget to delayed aid from the US and calls on the G7 to provide Ukraine with a $50B loan. Finance Minister Serhiy Marchenko has called on Ukraine’s Western allies to accelerate the $50B loan to Ukraine, arguing that delays in arms deliveries have led to a growing budget deficit, forc... #Creditors #G7 #imf #LoanForUkraine #RussianAssetsProfits #SerhiyMarchenko #UkraineBudget #UkraineBudgetDeficit
In July, Ukraine’s international reserves decreased by 1.8%, but a grant from the US raised August’s total to $40B. As of August 1, Ukraine’s international reserves amounted to $37.2B. In July, they decreased by 1.8%, the National Bank reported. Last month, the dynamics of international reserves were determin... #financeUkraine #GrantForUkraine #imf #internationalReserves #nbu #UkraineBudget2024
The parliament prepared customs reform at the IMF’s request. Restarting the State Customs Service is one of the IMF’s beacons and a priority for Ukrainian businesses and international partners. It is proposed that customs be reformed by restarting the Bur... #CustomsUkraine #imf #IMFStructuralBeacons #ReformsinUkraine
Given the war’s continuation, Ukraine will need up to $15B in additional funding next year. According to Finance Minister Serhiy Marchenko, Ukraine and the International Monetary Fund (IMF) estimate the country’s additional financial need for 2025 from Western partners at between $12B ... #imf #MilitaryLevy #SerhiyMarchenko #TaxesUkraine #UkraineBudget
Fitch downgraded Ukraine’s rating to pre-default level after its debt restructuring deal. Fitch Ratings downgraded Ukraine’s long-term issuer default rating (IDR) in foreign currency from CC to C. “Ukraine’s downgrade reflects Fitch’s view that the agreement in prin... #DebtRestructuring #DefaultUkraine #FitchRatings #imf #ukrainedebt #UkraineEconomy
Japan has already provided Ukraine with $6.3B since the beginning of the invasion: The Ministry of Finance anticipates continued support. The Minister of Finance of Ukraine, Serhii Marchenko, stated: “Ukraine is systematically strengthening its financial capacity, increasing the internal revenues of the state budget. At the same t... #financialaidforUkraine #imf #Japan #SerhiyMarchenko #SupportUkraine #UkraineBudget2024 #UkraineRecovery
The Ministry of Finance has updated the Reform Matrix; Ukraine has already fulfilled 108 indicators in the year’s first half. The Ministry of Finance has updated the Reform Matrix, an analytical tool used to monitor the fulfillment of the requirements of international partners in real-time. In the updated Reform Matrix, ther... #imf #ReformMatrix #ReformsinUkraine #UkraineFacility #worldbank
Ukraine has fulfilled more than 50% of the IMF’s requirements and received $10.2B from the IMF since the beginning of the war. As Minister of Finance, Serhiy Marchenko noted: “The Government of Ukraine, the National Bank of Ukraine, and other authorities have so far implemented 23 structural beacons out of 37 stipulated... #financialaidforUkraine #imf #IMFStructuralBeacons #ReformsinUkraine #SerhiyMarchenko #UkraineBudget2024
Ukraine is trying for the second time to restructure more than $20B in Eurobonds. A group of Ukrainian bondholders has signed non-disclosure agreements to begin a second round of formal talks with the Ukrainian government to restructure more than $20B in debt. Negotiations started ... #DebtRestructuring #Eurobond #imf #UkraineBond #ukrainedebt
Owners of Ukrainian GDP warrants are rallying for negotiations on restructuring. Some holders of Ukrainian GDP warrants are planning to create a group that will represent their interests in restructuring sovereign debt, the data platform on public markets, and REDD companies repor... #Creditors #DebtRestructuring #ForeignInvestor #GDPwarrants #imf #UkraineBond #ukrainedebt
Where will Ukraine spend the $2.2B tranche recently received from the IMF? This is part of the funds provided by the $16B Extended Fund Facility (EFF) program. Prime Minister Denys Shmyhal said this will help the government finance critical budget expenditures, social assist... #DenysShmyhal #EFFprogram #financialaidforUkraine #imf #ReformsinUkraine #UkraineBudget
Ukraine makes new offers to creditors to reach an agreement on debt restructuring. Ukraine plans to include GDP warrants in a proposal to restructure international bonds worth about $20B. This is a new attempt by Kyiv to establish contact with investors after formal negotiations thu... #Creditors #DebtRestructuring #GDPwarrants #imf #UkraineBond #ukrainedebt
The IMF published a pessimistic scenario for Ukraine’s economy the war becomes protracted. The IMF’s negative scenario assumes that the war will end by the end of 2025 (compared to the end of 2024 in the baseline scenario) and that the shock will start in the third quarter of 2024. Th... #imf #UkraineEconomicForecast #UkraineEconomy #UkraineRecovery #WarinUkraine
At the IMF’s request, Ukraine will work on creating a postal bank. Ukraine’s memorandum with the IMF says that the Ukrainian authorities plan to create a specialized bank to ensure access to financial services for residents in remote settlements, de-occupied te... #financeUkraine #financialservices #IhorSmilyansky #imf #nbu #PostalBank #Ukrposhta
Ukraine will receive another $2.2B from the IMF. The Board of Directors of the IMF completed the fourth review of the Extended Fund Facility for Ukraine (EFF), deciding to allocate about $2.2B to budget support. “Despite the difficult conditio... #EFFprogram #financialaidforUkraine #imf #IMFStructuralBeacons #ReformsinUkraine #UkraineEconomy
The IMF has updated its memorandum with Ukraine; most conditions have been met, but new beacons have been added. Ukraine has already fulfilled 23 of the 37 requirements involving reforms and legislation changes. Among them are two new ones: changing the Criminal Procedure Code by the end of October to allow the ... #imf #IMFStructuralBeacons #LegislationUkraine #NABU #PrivatizationUkraine #ReformsinUkraine
The IMF has worsened expectations for Ukraine’s economy and predicts an electricity shortage until 2026. The IMF has downgraded Ukraine’s economic growth forecast for 2024 and 2025 due to the consequences from Russian shelling of energy infrastructure. The revised forecast states that Ukraine’... #ElectricityDeficitUkraine #imf #KristalinaGeorgieva #UkraineEconomicForecast #UkraineEconomy #WarLosses
By the end of the year, Ukraine will receive at least $65B from the US, the G7, the EU, and the IMF. The Ukrainian government expects to receive $7.9B in credit support from the US, Minister of Economy Yuliya Svyrydenko said. At a meeting of the Economic and Financial Affairs Council, the EU finance ... #EFFprogram #financialaidforUkraine #imf #LoanForUkraine #RussianAssetsConfiscation #UkraineBudget2024 #UkraineFacility
IMF: The Russian war against Ukraine was a turning point for the global economy. The Russian aggression has had severe consequences for the global economy, and has become a turning point for the world’s future, said the deputy head of the IMF, Gita Gopinath. The war has incr... #GitaGopinath #GlobalEconomy #Globalinflation #imf #UkraineEconomy #WarinUkraine
Ukraine has not agreed with its creditors on Eurobond restructuring terms. Ukraine and a special committee of creditors, representing the owners of almost 20% of Ukraine’s Eurobonds, negotiated between June 3 and 14 and exchanged restructuring proposals. However, according t... #Creditors #DebtRestructuring #Eurobond #imf #UkraineBond
The US hopes Ukraine will restructure its debt by autumn. The US hopes that Ukraine will be able to reach an agreement with private creditors on debt restructuring by September 1, US Deputy Treasury Secretary Wally Adeyemo while in Kyiv. “This is one o... #CompensationForUkraine #DebtRestructuring #imf #IrynaMudra #ukrainedebt #WallyAdeyemo
IMF: The EU will completely abandon Russian energy sources by 2030. According to the IMF, the EU has stopped importing coal and most oil from Russia. Imports of Russian gas to the EU have also been decreasing since 2021, and after the beginning of the full-scale war, ... #EnergyIndependence #EnergySourcesRussia #EUenergy #imf #RussianFossilFuels #RussianGas
Ukraine agrees on the next steps with the IMF mission and expects three more tranches totaling $4.5B this year. The Ukrainian government has synchronized with the mission of the IMF in further joint steps to restore economic growth and carry out reforms. The key areas are the restoration and decentralization of... #EFFprogram #imf #ReformsinUkraine #UkraineFacility
Ukraine announces its expectations for international financial assistance for this year. Since the beginning of the full-scale war, Ukraine has attracted more than $85B in external financing, Prime Minister Denys Shmyhal said. “Over ₴1T was attracted to the budget thanks to military... #DenysShmyhal #EFFprogram #financialaidforUkraine #imf #UkraineBudget2024 #UkraineFacility
Ukraine will soon launch a mechanism to insure investment loans against war risks. The Export Credit Agency will soon approve an investment credit insurance product, said Ruslan Hashev, head of the ECA board, at the My Export conference. Among the factors that determine the cost of ... #ECA #imf #InsuranceUkraine #InvestmentCredit #LoansforBusiness #MilitaryRiskInsurance
How big is the national debt, and how much do Ukrainians owe? According to the Ministry of Finance data, the state’s and state-guaranteed debt as of April 1, 2024, amounts to ₴5.9T ($149B). Since 2020, this amount has increased significantly, mostly due to the f... #ebrd #EIB #ExternalDebt #imf #ukrainedebt #UkraineDebtRepayment #UkraineEconomy #worldbank
The growth rate of world trade will double this year: Who will benefit from this? International organizations predict that global trade growth should double this year as inflation eases and the booming US economy boosts activity. As the FT noted, the OECD, IMF, and World Trade Orga... #Eurozone #GlobalTrade #imf #OECD #worldeconomy #WTO
A year and a half separate the Russian economy from collapse. According to the Carnegie Foundation, the Russian economy is still strong despite rising military spending and sanctions. In fact, the IMF predicts that the Russian Federation’s economy will gro... #imf #RussiaBudget #RussianEconomy #RussiaProfits #SberbankRussia
How will Ukraine’s partners help it close the hole in its budget this year? According to the Ukrainian government, the need for international financing in 2024 is $37.2B. As of April 20, Ukraine has received $10.2B: $4.9B from the EU (Ukraine Facility) $2.1B from Japan... #financialaidforUkraine #imf #SupportUkraine #UkraineBudget2024 #UkraineBudgetDeficit #UkraineFacility #worldbank
