The Executive Board of the International Monetary Fund has agreed to launch a new support programme for Ukraine, Prime Minister of Ukraine Denys Shmyhal has said.
The programme is worth $15.6 billion and will last for four years.
"Funds from the IMF will help the government to finance all critical expenditures and maintain macro-financial stability. The programme will consist of two parts. The first part is urgent financing until we win the war. The second part is for the post-war reconstruction and transformation of Ukraine. We expect the first tranche of over $2.7bn in the near future," he explained.
Shmyhal added that the IMF programme will be part of a total package of financial support for Ukraine from international partners in the amount of $115bn.
The National Bank of Ukraine, the decision of the IMF Board of Directors provides for the immediate disbursement of the first tranche of $2.7bn. Further tranches will be disbursed based on the results of quarterly programme reviews.
In total, this year Ukraine can receive three tranches from the IMF totalling $4.5bn.
The NBU said that given the extremely high level of uncertainty caused by Russia's war against Ukraine, the EFF programme will be implemented in two stages:
- first, efforts will be focused on maintaining macroeconomic and financial stability during the war to strengthen Ukraine's potential on its path to victory;
- during the second, post-war phase, the focus will shift to more ambitious structural reforms to strengthen macroeconomic and financial stability, support post-war reconstruction, promote sustainable long-term growth, and accelerate Ukraine's EU accession.