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The International Monetary Fund (IMF) said yesterday that its Executive Board will soon consider a staff-level agreement on a new $8.1 billion lending program for Ukraine. The step paves the way for formal approval of the package, which is widely expected and will help unlock further international support for Kiev.
If approved, the new four-year program would replace the existing $15.5 billion IMF arrangement, providing continued support for Ukraine's economic stability and public spending as the war with Russia enters its fifth year.
According to official IMF sources, the Ukrainian authorities have fulfilled the necessary preliminary actions, including submitting the draft law on the labor code and approving the budget.
IMF spokeswoman Julie Kozack stressed that Russia's invasion continues to have a severe impact on the people and economy of Ukraine, adding that the program aims to maintain macroeconomic stability in the face of ongoing war.
Ukraine faces a massive budget deficit, estimated at around $140 billion for the coming years. Since the Russian invasion in February 2022, the country has received hundreds of billions of dollars in aid from Western partners and has requested sovereign debt restructuring of over $20 billion.
The approval of this program is also key to unlocking other large funds, such as a 90 billion euro loan from the European Union. The IMF Board meeting is expected to take place in the coming days, likely within this week or next week, according to recent reports from Reuters and the IMF itself.
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