First modification:
The IMF concluded the first review of an agreement with Ukraine that would allow the country access to some 900 million dollars, after an analysis of the performance of the Ukrainian authorities and their future economic commitments.
A mission from the International Monetary Fund (IMF) completed its first review of a loan program worth $15.6 billion for Ukraine and assured that the country complied with the agency’s requirements, opening the door for a disbursement of about $900 million. Dollars.
The IMF also raised its forecast for Ukraine’s economic growth by the end of this year to between 1% and 3% increase in Gross Domestic Product, GDP.
“IMF staff and the Ukrainian authorities have reached a staff-level agreement on the first review of the SAF. The agreement is subject to approval by the IMF Executive Board, which is expected to be considered in the coming weeks,” said the IMF staff. IMF in its statement.
“All quantitative performance criteria were met by the end of April and the structural benchmarks until the end of May,” they added.
Ukraine will need to increase tax revenue, maintain exchange rate stability, preserve the independence of the central bank and strengthen the fight against corruption to receive the loan. On the latter, the government of Volodimir Zelenski has carried out a wave of searches in government buildings and homes of high-level ministers and oligarchs.
“A stronger recovery is expected as the economy progressively adapts to war conditions,” the IMF said.
“Therefore, IMF staff have raised real GDP (gross domestic product) growth for 2023 to a range between 1% and 3% (…) although the outlook remains highly uncertain as that the war continues,” they commented.
The positive assessment is in stark contrast to prewar IMF programs where there was missed deadlines, few economic reforms and resistance to dominance by politically connected business figures known as oligarchs.
with PA
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