IMF approves another $880 mln loan for Ukraine - statement

WASHINGTON. March 22 (Interfax) - The International Monetary Fund (IMF) has agreed to provide a third loan tranche of $880 million to Ukraine under the Extended Fund Facility (EFF), the IMF said in a statement.

"The IMF Board today completed the third review of the extended arrangement under the Extended Fund Facility (EFF) for Ukraine, allowing the authorities to draw the equivalent of about $880 million, which will be channeled for budget support," the statement said.

"The EFF continues to provide a strong anchor for the authorities' economic program, which has remained on track despite extremely challenging circumstances" due to ongoing hostilities, it said.

IMF Managing Director Kristalina Georgieva said after the Executive Board discussion on Ukraine that fighting in Ukraine "continues to bring enormous social and economic costs to Ukraine." However, according to Georgieva, "macroeconomic and financial stability has been preserved, reflecting skillful policymaking by the Ukrainian authorities as well as substantial external support."

The Ukrainian economy "has been resilient, with stronger-than-expected macroeconomic outturns in 2023," she said.

"Steadfast reform momentum to enhance anti-corruption and governance frameworks, including ensuring the effectiveness of anticorruption institutions, will be essential to help contain fiscal risks, enhance growth and support the path to EU accession," Georgieva said.