Ukraine receives $880M from IMF, says country's PM

March 26, 2024 17:15

Kyiv has received another tranche from the International Monetary Fund (IMF), said Prime Minister of Ukraine Denys Shmyhal, Report informs referring to TASS.

"The tranche from the IMF [in the amount of] $880 million. This is the third tranche of financial aid under the extended financing program," he wrote in the Telegram channel.

According to the prime minister, the funds "will help improve priority budget expenditures and support macro-financial stability."

Shmygal also added that Kyiv is preparing for the next review of the financing program.

An agreement on allocating this tranche to Ukraine was reached in February. Then, the IMF expressed the opinion that the country is experiencing positive dynamics of strong growth of the economy. However, the organization admitted that the forecast for the development of the Ukrainian economy for the current year remains very uncertain.

The previous tranche of $900 million under the four-year Extended Credit Facility was approved by the IMF's Board of Executive Directors in December last year. The Fund previously approved a four-year program for Ukraine as part of this mechanism with funding in the amount of $15.6 billion. The first tranche of $2.7 billion entered the general fund of the Ukrainian state budget on April 3, 2023.

It is known that Ukraine will have to pay the IMF $2.9 billion for loan servicing by the end of this year.