IMF Director Kristalina Georgieva stated that this financing will take place under the Enhanced Funding Program (EFF).
“In June, we completed the first review of this program, bringing the IMF’s support this year to $3.6B of the $15.6B available under the program. Additional funds will be available in December following the completion of the second review and subject to approval by the Board of Directors,” said Georgieva.
According to her, Ukrainian authorities have made good progress, including the restoration of the pre-war tax system, the fight against corruption, and the transition to managed exchange rate flexibility.
The head of the IMF noted that, according to the organization’s latest estimates, Ukraine’s external financing needs in 2024 will be $3B higher than at the time of the first review and arranging $31.9B in support will be required.