IMF to make final decision on 5th review of EFF for Ukraine by end of Oct

MOSCOW. Oct 4 (Interfax) - The Board of Directors of the International Monetary Fund (IMF) will finalize the fifth review of the four-year Extended Fund Facility (EFF) Arrangement for Ukraine, which is expected to result in disbursing a sixth tranche of $1.1 billion, before the IMF's annual meetings set for October 21-26, 2024, IMF Communications Department Director Julie Kozack said.

"Board consideration of the Fifth Review is expected before the Annual Meetings," Ukrainian media quoted Kozack as saying at a press briefing on Thursday.

As reported, the Ukrainian government and an IMF mission reached staff-level agreement (SLA) on the fifth review of the EFF on September 10.

The four-year EFF totaling around $15.6 billion was approved on March 31, 2023. As was announced at the time, it was part of an international support package for Ukraine totaling $115 billion; however, the amount was later increased to $122 billion as per a baseline scenario.

A first tranche of $2.7 billion was disbursed in early April, and second, third and fourth tranches of SDR664 million each, or about $880 million-$890 million at the then exchange rate, in early July and mid-December 2023 and at the end of March 2024. Ukraine received the fifth tranche of SDR1.66 billion ($2.2 billion) in early July following the program's fourth review.

The IMF mission for the fifth review of the EFF worked from September 4 to 10, with all of the meetings held in Kiev for the first time since the start of the crisis.