The International Monetary Fund (IMF) has reached an agreement with Ukraine on a new settlement worth approximately $8.2 billion, equivalent to around €7.1 billion.
The war between Ukraine and Russia “continues to take a heavy toll on the Ukrainian people and economy,” according to the IMF.
The agreement is valid for four years. According to the IMF, the money is intended for a range of fiscal and monetary policy measures aimed at maintaining the country’s economic stability, tackling corruption, and improving governance. The IMF states that despite the war, the country is determined to continue with reforms.
The agreement follows consultations between the IMF and Ukrainian authorities last week. The IMF is one of Ukraine’s largest lenders. The money is expected to enable Ukraine to attract more large-scale support to reduce its financing gaps. The IMF Executive Board still needs to approve the program.
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