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IMF approves four-year EFF Arrangement for Ukraine for $15.6 bln as part of $115 bln overall support package – fund

KYIV. April 1 (Interfax-Ukraine) – The IMF Board approved a new four-year extended arrangement under the Extended Fund Facility (EFF) of SDR 11.6 billion (about $15.6 billion) as part of a $115 billion total support package for Ukraine, the fund said on its website.

“Ukraine’s EFF-supported program aims to anchor policies that sustain fiscal, external, price and financial stability and support economic recovery, while enhancing governance and strengthening institutions to promote long-term growth in the context of post-war reconstruction and Ukraine’s path to EU accession,” the IMF said.

“The Executive Board’s decision allows the immediate disbursement of around SDR 2 billion (or $2.7 billion),” the fund said.

The IMF mission chief for Ukraine, Gavin Gray, told reporters that the first review of the program is expected in June-July this year, the second – by the end of October, possibly in early November, and from 2024 it will be quarterly.

“The approval of the EFF is expected to mobilize large-scale concessional financing from Ukraine’s international donors and partners, to help resolve Ukraine’s balance of payments problem, attain medium-term external viability, and restore debt sustainability on a forward-looking basis in both a baseline and downside scenario,” the fund said.