Ukraine and IMF reach staff-level agreement on 8th review of EFF program

International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff level agreement (SLA) on the Eighth Review of the 4-year, $15.5 billion Extended Fund Facility (EFF) Arrangement. Subject to approval by the IMF Executive Board, Ukraine would have access to about US$0.5 billion (SDR 0.37 billion), bringing total disbursements under the program to US$10.65 billion.

“IMF staff and the Ukrainian authorities have reached staff-level agreement on the Eighth Review of the EFF, subject to approval by the IMF Executive Board, with Board consideration expected in coming weeks,” this statement by the head of the Fund's mission to Ukraine, Gavin Gray, was published on the IMF website based on the results of the mission's work in Kyiv from May 20 to May 27.

It is noted that all end-March quantitative performance criteria (QPCs) and indicative targets (IT) have been met and understandings were reached on a set of policies and reforms to sustain macroeconomic stability.

“The structural reform agenda continues to make progress with two structural benchmarks met, another to be completed in the coming weeks, and strong commitments to advance other key reforms,” the statement reads.

At the same time it is noted that the outlook remains exceptionally uncertain as the war continues to take a heavy toll on the population, economy, and infrastructure.