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An agreement between the IMF and Ukraine on financing in the amount of 15.6 billion dollars

Yellen: The fund’s program is very important to support reform efforts in Ukraine

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The International Monetary Fund said on Tuesday it had reached a staff-level agreement with Ukraine on a four-year financing package worth about $15.6 billion to support it as it continues its fight against Russia.

The agreement, which has yet to be ratified by the fund’s board of directors, follows months of negotiations between its experts and the Ukrainian authorities. The council is expected to discuss approval of the agreement in the coming weeks.

The fund said the agreement is expected to help unlock large-scale financing for Ukraine from donors and international partners.

“A gradual economic recovery is expected over the coming quarters, as the massive damage to critical infrastructure recovers, although headwinds remain, including the risk of further escalation,” IMF official Gavin Gray said in a statement announcing the agreement. in conflict.”

Gray added that IMF experts now expect the change in Ukraine’s real GDP for 2023 to range from minus 3% to 1%.

“The IMF’s ambitious program is critical to supporting reform efforts in Ukraine, including strengthening good governance, addressing corruption risks, and providing much-needed fiscal support,” US Treasury Secretary Janet Yellen said in a statement.

The fund changed a procedural rule last week to allow new loan programs for countries facing “high uncertainty” without naming Ukraine, which has been battling an invasion by Russia for more than a year.

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