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IMF initiates second review of Ukraine's $15.6 billion loan program amid economic recovery

Published Sep 25, 2023 05:25AM ET
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An International Monetary Fund (IMF) monitoring mission began the second review of a $15.6 billion multi-year loan program for Ukraine on Monday. Vahram Stepanyan, IMF's resident representative, announced that the discussions with the Ukrainian government would focus on recent economic developments and fiscal, financial, and structural policies. This four-year program for Kyiv forms part of a $115 billion global package designed to support Ukraine's economy amidst the ongoing conflict with Russia.

Ukraine's economy has been significantly impacted by the 19-month-old war, leading the government to rely heavily on Western aid for financing social and humanitarian payments. Despite these challenges, Ukrainian businesses have adapted to the new wartime reality, with the economy recovering more rapidly than anticipated this year.

"After a decline of 29.1% last year, today we see a gross domestic product growth," Economy Minister Yulia Svyrydenko stated in a Facebook (NASDAQ:META) post. She added that the economy has adapted to force majeure conditions and predicted that the positive trend would continue.

Official statistics revealed a GDP growth of 19.5% in Q2 this year compared to the same period in 2022. The economy ministry anticipates that the economy will grow by about 4% this year and up to 5% next year.

According to data from the finance ministry, Ukraine has already received approximately $3.6 billion from the IMF within this year as part of its loan program.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

IMF initiates second review of Ukraine's $15.6 billion loan program amid economic recovery
 

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