The International Monetary Fund (IMF) announced on Thursday that it has signed an agreement with Ukraine to review its $500 million loan program for macroeconomic stability.
Ukraine, which has been at war with Russia for more than three years, has received four years of relief from the Washington-based international financial institution.
After the visit, the Fund said Ukraine had met all its targets and performance criteria by the end of March and that its executive board was recommending that the new distribution be approved.
If approved by the committee, the IMF will immediately provide $500 million to Ukraine. Under the current program, its distribution will be close to $ 10.7 billion.
Imf mission chief Gavin Gray said in a statement that Ukraine’s economy remains resilient despite the challenges posed by the more than three-year war.
He said the Fund expects ‘normal’ inflation-adjusted economic growth to be between two and three per cent this year and reflects the economic slowdown caused by labour disruptions and damage to energy infrastructure. ”
He said inflation continued to rise due to rising costs of food and labour, reaching 15.1 per cent in April.
Ukraine’s economic outlook is “extraordinarily uncertain” as the war has had a huge impact on population, economy and infrastructure, the fund said.
“Despite the challenging environment, the program remains on the right track and has been fully funded based on large-scale external commitments,” the statement said.
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