IMF representatives arrived in Kyiv to discuss risks facing Ukraine's economy
Photo: The IMF sent a delegation to Kyiv (Getty Images)
The delegation, led by Alfred Kammer, the head of the IMF's European Department, is engaging with representatives of the Ukrainian government and other partners, states Vahram Stepanyan, the IMF's resident representative in Ukraine.
"Discussions will focus on the risks facing the Ukrainian economy and the government's economic policy objectives," Stepanyan said.
Following these meetings, starting on May 27, the IMF mission, headed by Gavin Gray, will begin discussions in Warsaw with representatives of the Ukrainian government. They will discuss economic policy measures in the context of the fourth review of the Extended Fund Facility (EFF) program, the IMF representative added.
IMF program
Ukraine's agreement with the IMF for the EFF program of 15.6 billion dollars was approved in March 2023. Under the program, Ukraine has received political commitments from partners to provide 122 billion dollars by 2027. It is expected that the IMF will provide Ukraine with over 5 billion dollars in 2024.
The IMF has announced a new mission to begin in Ukraine to review the loan and recent economic developments. The IMF hopes that the agreement on the fourth review can be finalized by the end of June.
In March, IMF Managing Director Kristalina Georgieva stated that Ukraine's economy had proven resilient in the face of war, and macroeconomic indicators in 2023 were stronger than expected.
Ukraine's GDP growth last year exceeded 5%. However, the IMF forecasts that the recovery will slow down in 2024 due to “exceedingly high risks to the outlook stemming mainly from the exceptionally high war-related uncertainty.”
