IMF Says Reached Agreement With Ukraine Paving Way For $900Mln Disbursement

The International Monetary Fund (IMF) said on Tuesday that it has reached a staff-level agreement with the Ukrainian authorities, paving the way for a $900 million disbursement

WASHINGTON (UrduPoint News / Sputnik - 30th May, 2023) The International Monetary Fund (IMF) said on Tuesday that it has reached a staff-level agreement with the Ukrainian authorities, paving the way for a $900 million disbursement.

"The International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff-level agreement on an updated set of economic and financial policies for the first review under the four-year Extended Fund Facility (EFF) Arrangement," the statement said.

If approved by the IMF Executive Board, the staff-level agreement would enable the disbursement of about $900 million to Ukraine, the statement said.

IMF team chief Gavin Gray confirmed to journalists that the Executive Board is expected to decide whether to approve the agreement within several weeks.

"This is a staff-level agreement, which is subject to approval by IMF executive board, which we anticipate in the next few weeks," Gray said during a press briefing.

Gray noted that the agreement is based on the performance of the Ukrainian authorities since the program was approved in March.

The IMF has committed to providing Kiev with $15.6 billion through its four-year program, which is part of a wider international support package for Ukraine, Gray said.