IMF, Ukraine reach staff-level agreement on 6th EFF review - IMF mission chief

MOSCOW. Nov 19 (Interfax) - International Monetary Fund (IMF) and Ukrainian authorities have reached a staff-level agreement on the sixth review of the four-year Extended Fund Facility (EFF) that could open Ukraine's access to around $1.1 billion (SDR834.9 million) if approved by the IMF Executive Board, Ukrainian media quoted IMF Mission Chief Gavin Gray as saying following the mission in Kiev on November 11-18.

"The authorities met all end-September quantitative performance criteria (QPCs) and the structural benchmarks for the review. Understandings were also reached on a set of policies and reforms to sustain macroeconomic stability as the crisis continues," the IMF statement said.

At the same time, the IMF said the outlook is exceptionally uncertain as the crisis is taking a heavy toll on Ukraine's economy and infrastructure.

As reported, on October 23, following the 5th review of the EFF arrangement, which was opened in March 2023, Ukraine received the sixth EFF disbursement of $1.1 billion, which brought the amount of disbursements to $8.7 billion, with the total value of the program at $15.6 billion.

The EFF, which was updated following its fifth review, amended the schedule of its reviews and disbursements transferred following its reviews at Ukraine's request. If earlier, the EFF envisioned only two reviews for 2025, in early March and late August, with disbursements of $917.5 million each to be allocated following them, now the schedule for next year includes four quarterly reviews, as it was this year. The eighth disbursement following the seventh review in March remained unchanged at $917.5 million, while the next three disbursements scheduled for next year stand at $809.6 million, $539.8 million and $445.3 million, respectively.