IMF to consider third disbursement to Ukraine under EFF arrangement on Dec 11
On December 11, the Executive Board of the International Monetary Fund (IMF) will consider the issue of second review under the extended Arrangement under the Extended Fund Facility (EFF) for Ukraine and the third disbursement of SDR 664 million (about $880 million at the current exchange rate).
As stated in the information on the Fund's website on Thursday, the agenda for the Executive Board meeting that day also includes requests for modification of performance criteria and a waiver of nonobservance of performance criterion and Article IV Consultation.
Governor of the National Bank of Ukraine Andriy Pyshnyy earlier said that Ukraine signed an updated memorandum of economic and financial policies under EFF and expressed hope that the IMF Executive Board will make a decision in favor of Ukraine.
"If we successfully pass the second review, and the IMF approves the next disbursement, it means our international partners have reaffirmed their assurances for 2024 because without this, the program would not have materialized. It implies that we have decent chances of securing the level of funding we are counting on. The overall framework of financial support for Ukraine over the next four years, within the program with the International Monetary Fund, is $115 billion under the baseline scenario and $140 billion under the adverse scenario," the governor of the National Bank of Ukraine said.
IMF Deputy Executive Director Vladyslav Rashkovan on Thursday morning predicted a favorable vote by the IMF Executive Board on the issue of Ukraine.
"1. First, there will be money from the IMF. 2. Then from the United States. 3. Then from the EU. And then there will be money from our other partners: the World Bank, other G7 countries (for example, Japan, Canada and the UK), other large countries (for example, South Korea or Norway). And there are also small countries (like Lithuania) that also support us. There are other IFIs: EBRD, EIB, IFC, KfW," he said, urging not to succumb to negative sentiments regarding external financing of Ukraine in 2024.