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IMF says it has reached service-level agreement on $15.6 billion loan program for Ukraine

WASHINGTON (Sputnik) – The International Monetary Fund (IMF) announced that it has reached a staff-level agreement on a $15.6 billion loan program for Ukraine.

“I am pleased to report that the IMF team has reached a staff-level agreement with the Ukrainian authorities on a four-year IMF-supported program with requested access of SDR 11.6 billion (15 $.6 billion), or 577% of Ukraine’s quota,” IMF delegation head Gavin Gray said in a statement on Tuesday.

The deal is subject to approval by the IMF’s executive board, which is expected to meet in the coming weeks to review it.

Gray said the IMF expects a gradual economic recovery in Ukraine, noting that economic activity is improving in many sectors, including critical infrastructure.

However, developing a single baseline outlook scenario under conditions of exceptionally high uncertainty is extremely difficult, as a range of outcomes are plausible, Gray said.

“On this basis, IMF staff currently forecast real GDP growth for 2023 ranging from -3 to +1 percent,” Gray said, adding that the IMF-supported program is based on a two-phase approach.

The first phase may take 12-18 months to improve fiscal, external, price, and financial stability by enhancing revenue mobilization, eliminating monetary financing, and aiming for net positive financing of domestic debt markets.

The second phase would focus on broader reforms to anchor macroeconomic stability, support recovery and rapid reconstruction, and build resilience and higher long-term growth, including in the context of EU membership objectives. Ukraine to the EU.

US Treasury Secretary Janet Yellen issued a separate statement welcoming the IMF announcement. The agreement is the result of a long collaborative effort between the IMF and the Ukrainian government, Yellen added.

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