The IMF’s four-year program for Kiev is part of a $115 billion international package to support the economy as Ukraine battles Russia’s invasion
The International Monetary Fund’s monitoring mission today launched the second review of the $15.6 billion multi-year loan program for Ukraine.
Vahram Stepanyan, the IMF’s country representative, said in a statement that discussions with the Ukrainian government will take place based on recent economic developments and fiscal, financial and structural policies.
The IMF’s four-year program for Kiev is part of a $115 billion international package to support the economy as Ukraine battles Russia’s invasion.
Ukraine’s economy has been battered by the 19-month-old war, and the government has relied heavily on Western aid to fund social and humanitarian needs.
The government has said that Ukrainian businesses have adapted to the new war reality and that the economy is recovering faster than expected this year.
“After a 29.1% decline last year, this year we are seeing an increase in gross domestic product,” Yulia Sviridenko, the economy minister, said in a Facebook post.
“Now we can say with confidence that the economy has adapted to ‘force majeure’ conditions. We anticipate that the positive trend will continue.”
Other statistics showed that GDP increased by 19.5% in the second quarter of the year compared to the same period a year earlier.
The Ministry of Economy expects the country’s economy to grow at a rate of around 4% this year and up to 5% next year.
Ukraine has already received about $3.6 billion from the IMF since the beginning of the year, according to data from the Finance Ministry.
Source :Skai
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