IMF Executive Board completed the Third Review of the EFF Arrangement: Ukraine will receive about USD 880 million

Today, the Executive Board of the International Monetary Fund (IMF) completed the third review of the Extended Fund Facility (EFF) Arrangement for Ukraine.

The Board noted the significant progress of the Government of Ukraine in performing its commitments under the EFF program. 

Ukraine has performed all four structural benchmarks set for the third review. In particular, Ukraine has adopted a National Revenue Strategy, developed a roadmap for public investment management, worked on measures to mobilise State Budget revenues for 2024 and adopted legislation to enhance the institutional autonomy and effectiveness of the SAPO.

"Cooperation with the IMF continues to be an integral part of maintaining fiscal and monetary stability and boosting economic recovery. The Ukrainian authorities are making every effort to perform all the conditions of the EFF arrangement. This allows us to attract additional financial assistance, but first and foremost, Ukraine needs to implement all these measures and policies. Each of the structural benchmarks is a stabilizing factor that helps to maintain the stability of Ukraine's financial system despite the war. I am grateful to the Government of Ukraine, the National Bank of Ukraine and the IMF for the profound cooperation on this way," said Minister of Finance of Ukraine Sergii Marchenko.

The successful completion of the review paves the way for Ukraine to immediately receive the fourth tranche of the EFF financing in the amount of about USD 880 million (SDR 663.9 million) in the near future. 

The State Budget of Ukraine has already received three tranches under the IMF EFF totaling about USD 4.5 billion. In 2024, the program provides USD 5.4 billion of budgetary assistance to Ukraine.

Additional information

On 31 March 2023, the IMF Executive Board approved a new four-year Extended Fund Facility (EFF) for Ukraine with funding of USD 15.6 billion (SDR 11.6 billion). This Arrangement is part of an overall support package for Ukraine from international partners worth about USD 122 billion.