IMF board okays $880 million loan payment for Ukraine

22/3/2024 12:12

        The International Monetary Fund's executive board on Thursday approved a third review of Ukraine's $15.6 billion loan program, allowing the release of $880 million for budget support and bringing total disbursements to $5.4 billion, the IMF said.
        
        The global lender said the risks facing Ukraine remained exceptionally high, particularly the uncertainties surrounding the war with Russia and prospects for external financing, although Ukraine mission chief Gavin Gray said the fund still expected the war in Ukraine to wind down by the end of 2024.
        
        Gray told reporters that Ukraine's overall performance on its Extended Fund Facility program with the IMF had remained strong over its first year, and Kyiv had met all but one of the quantitative performance criteria. The miss involved tax revenues, but involved a very minor amount.
        
        Ukraine should receive the funds in coming days, Gray said. That should be welcome news as the U.S. Congress continues to debate approval for a $61 billion supplemental aid package for Ukraine. Gray said the IMF would have to study the impact on Ukraine's debt levels if U.S. lawmakers decided to convert some of that funding to a loan instead of a grant.