12 Feb 2024 12:37

IMF team arrives in Kiev to discuss economic policy objectives

MOSCOW. Feb 12 (Interfax) - An International Monetary Fund (IMF) team led by European Department Deputy Director Uma Ramakrishnan starts meeting with Ukrainian officials and other partners in Kiev on Monday to discuss economic policy objectives of the national government and challenges facing the Ukrainian economy.

The IMF team will attend the inaugural meeting of the steering committee of the Ukraine Capacity Development Fund, administered by the IMF, on February 13, Ukrainian media said, citing IMF Resident Representative in Kiev Vahram Stepanyan.

Officials, development partners and IMF specialists will discuss priorities in enhancing Ukraine's capacities and IMF support, the media said.

After the meetings, an IMF mission led by Gavin Gray will start dialogue with Ukrainian officials in Warsaw on February 17 in the context of the third review of the IMF Extended Fund Facility (EFF).

The four-year EFF program was approved on March 31, 2023. The first tranche of $2.7 billion was allotted in early April, and the second and third tranches of SDR664 million (about $881 million - $890 million by the then exchange rate) were granted in early July and mid-December.

The program schedule envisages another tranche to Ukraine at the end of February 2024, following the third review of the fulfillment of obligations as of late December 2023.

Another three tranches are envisaged for 2024, including SDR1.67 billion ($2.226 billion) in mid-June, and SDR835 million ($1,113 million) in early September and December, each.

Two tranches are planned for 2025: SDR684 million ($912 million) will be allotted in early March and late August each, followed by the three last tranches of SDR966 million ($1.288 billion) each.