IMF authorises further US$900 million cash injection for Ukraine

WASHINGTON, Dec 12: The International Monetary Fund (IMF) on Monday made another cash injection available to Ukraine, reported dpa news.

The IMF executive board completed a second review of its loan program for Ukraine, allowing Kiev access to about US$900 million, the fund said. The money is to be used for budget support, it said. 

The arrangement under the Extended Fund Facility (EFF) is intended to support Ukraine’s economic and financial stability, restore debt sustainability and support Ukraine’s recovery on the path toward EU accession. 

The country is to be given access to US$15.6 billion through the fund. The program is part of an international aid package totalling some US$115 billion and has a term of four years.

“This programme has been vital to maintain macroeconomic and financial stability and support the ongoing recovery,” IMF chief Kristalina Georgieva said after a meeting with Ukrainian President Volodymyr Zelensky in Washington.

“With the much-needed support from the international community, Ukraine has been able to implement and sustain strong economic policies,” Georgieva said. “The authorities also continue to demonstrate Ukraine’s commitment to tackling vital governance and corruption issues.”

“This great support is very important for Ukraine and the Ukrainian people. In times of war, a secure financial system is crucial,” Zelensky said.

Zelensky on Monday also met US Defence Secretary Lloyd Austin during his third visit to Washington since the start of Russia’s invasion of Ukraine in February 2022.