Kyiv receives $690 million IMF tranche to bolster economic stability

Ukraine has received approximately $690 million from the International Monetary Fund (IMF) as the second tranche under its new four-year Extended Fund Facility (EFF) programme, officials said on July 23.

Prime Minister Serhiy Koretsky confirmed the disbursement, according to Ukrainian news outlet UNN.

“Ukraine received the second tranche of about $690 million from the IMF under the new four-year program today. The funds have already been transferred to the state budget and will be used to support macro-financial stability, including financing priority expenditures,” Koretsky wrote on social media.

The Ministry of Finance of Ukraine said the funds had already been credited to the state budget and would be directed toward key spending needs.

“The funds have already been transferred to the state budget and will be used to finance priority expenditures and support macro-financial stability amid the full-scale war,” the ministry said.

The latest disbursement brings total IMF support to Ukraine under the current EFF programme to approximately $2.2 billion.

Finance Minister Serhiy Marchenko said the country has received substantial backing from the Fund since the escalation of the war.

“I am grateful to the International Monetary Fund for its trust and consistent support of Ukraine. In total, during the full-scale war, $15.6 billion in financial assistance from the Fund has been received into the state budget. We continue to implement jointly defined reforms to ensure macroeconomic stability, strengthen public administration, support recovery, and Ukraine's European integration,” Marchenko said.

The Finance Ministry added that the programme предусматривает a range of fiscal and structural measures.

“The program envisages a balanced fiscal policy, strengthening revenue mobilisation, creating equal conditions for taxpayers, and reducing opportunities for tax evasion,” it said.

By Tamilla Hasanova