The IMF is ready to provide Ukraine with the next tranche of the loan

The IMF Board of Directors may approve the next tranche of a $1.1 billion loan to Ukraine. This may happen during the annual meetings of the IMF and the World Bank, which will be held on October 21-26 in Washington.

This was stated by U.S. Deputy Treasury Secretary Brent Nieman, RBC-Ukraine reports citing Voice of America.

The Fund approved the disbursement of the tranche at the working level on September 10, but the Board of Directors has not yet given final approval.

“Ukraine has done exceptionally well in several program reviews and completed the fifth review of the IMF program about a month ago,” Niemen said.

He is convinced that the Board will approve the fifth review and approve funding for $1.1 billion.

“Ukraine has done a very good job, fulfilling all the structural benchmarks and indicators that had to be met over the summer. Therefore, I think we will soon approve the review, and Ukraine will continue to successfully implement the program,” the official added.

The IMF expects overall economic growth of 3% in 2024. Therefore, the risks for Ukraine “remain extremely high,” the IMF says.

Niman is convinced that despite the difficulties, Ukraine is able to maintain economic stability.

“Due to the extraordinary destruction of the energy infrastructure, the growth forecast was reduced to 3%, and inflation has increased,” Niemann says. - “Of course, these are real difficulties, but Ukraine is showing the ability to manage well in extremely difficult conditions and to implement the IMF program well.

Author - Olena Madiak, 16/10/2024