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IMF head names main goal of the program with Ukraine

IMF head names main goal of the program with Ukraine Photo: IMF Managing Director Kristalina Georgieva (Getty Images)

The International Monetary Fund's program with Ukraine for 2023-2027 envisages the provision of $15.1 billion. But the main thing is the support of all countries, states IMF Managing Director Kristalina Georgieva.

"We have disbursed a third time under our program, but the most important role of our program [...] is that it is a catalyst for financial support for Ukraine," she said.

According to her, the program will mobilize $122 billion over four years. "It gives predictability to the Ukrainian authorities that funding would be there. And I was very pleased to listen to statements yesterday at the roundtable on Ukraine. The support for Ukraine remains steady. It is firm," she added.

Georgieva recalled the 50 billion euros from the EU. "The U.S. administration is pursuing in Congress support from Ukraine. Many other countries, Japan, Canada, U.K. are stepping up, South Korea. The list is long," she said.

"Within Ukraine, what we see after years of very close engagement is a remarkable determination of the economic team and of the Ukrainian people to have a functioning economy despite the war", noted the IMF chief.

"We have a $15.1 billion program with Ukraine. We have completed in March our third review very successfully. And what it shows is that Ukraine has been able to counter the highly disturbing force of the war. Growth is 5.3 percent; inflation, 3.2 percent; and tax collection, around 36 percent of GDP," Georgieva said.

She said that the IMF has now estimated Ukraine's needs for this year at $42 billion. "We have confidence that these needs would be met," she said.

Program with the IMF

Ukraine's agreement with the IMF on the EFF program was approved on March 31, 2023.

Ukraine has received political commitments from its partners to provide $122 billion by 2027. The IMF is expected to provide Ukraine with more than $5 billion in 2024.