Ukraine has come close to an agreement with the IMF on a new $900M tranche.

Bloomberg reports that Ukraine has reached a deal with the IMF, though the Fund’s executive board still needs to ratify it. The agreement is the result of the ongoing discussions over the past two weeks concerning whether Kyiv will be able to finance its activities in the absence of US aid.

If the US Congress does not approve more than $60B in assistance to Ukraine for this year, IMF funds will probably become Kyiv’s second largest source of financial aid after EU grants and loans. This payment will be the first of four that Ukraine expects this year, totaling $5.4B. It is part of a more extensive program for Ukraine, approved in 2023.

The government must meet the conditions previously negotiated with the IMF in order to receive the money. According to two officials, the Cabinet of Ministers may have to abandon a recent request to the NBU to allow the sale of foreign currency to some private Ukrainian companies to help them repay their Eurobond debts.