Ukraine expects IMF program to cover $10 bln of 2023 state budget underfunding – Finance Minister after meeting with IMF head
The need for additional external financing to cover the budget deficit of Ukraine in 2023 is currently $10 billion, the opening of a full-fledged long-term program with the support of the International Monetary Fund (IMF) will help reduce this deficit, maintain macroeconomic and financial stability, Finance Minister Serhiy Marchenko has said at a meeting with IMF Managing Director Kristalina Georgieva in Kyiv on Monday.
"Last week, during the IMF mission, we reached a Staff Level Agreement on the review of Program Monitoring with Board Involvement. In this context, we look forward to starting discussions on a full-fledged program with the support of the IMF to ensure the financing of priority, including humanitarian and social budget expenditures in 2023," the press service of the Ministry of Finance quotes his words in a press release.
It clarified that the meeting was also attended by IMF Director of the European Department Alfred Kammer and IMF Executive Board member Paul Hilbers, while the Ministry of Finance was also represented by First Deputy Minister Denys Uliutin and deputies Olha Zykova, Yuriy Drahanchuk, Oleksandr Kava, as well as Government Commissioner for public debt management Yuriy Butsa.
Marchenko noted that in addition to directly attracting funds from the IMF, a full-fledged program will help mobilize support from other donors.
It is reported that the parties discussed the results of the Fund's mission to review the Monitoring Program with Board Involvement, which took place in Warsaw from February 13 to February 17, as well as the prospects for creating a new full-fledged cooperation program with the support of the IMF.
Marchenko thanked Georgieva for prompt financial assistance provided by the Fund after the start of a full-scale war, as well as support in carrying out important events and policies in the fiscal and financial spheres.
"The Government of Ukraine highly appreciates the IMF's support and contribution to the country's economic development over the years. In times of war, the partnership with the Fund helps to maintain financial stability and to systematically implement the necessary reforms and policies," the minister said.
