IMF approves program for Ukraine to maintain economic stability

IMF stated that the four-month 'Program Monitoring with Board involvement (PMB)' was approved by the management on December 9 and discussed by the board on Monday.

Edited By Alka Jain
Published20 Dec 2022, 08:51 AM IST
IMF has approved program for Ukraine to help promote donor financing. (AFP)
IMF has approved program for Ukraine to help promote donor financing. (AFP)

The International Monetary Fund (IMF) has approved a four-month program for war-hit Ukraine. The program is aimed at maintaining economic stability following Russia's invasion of the country, and helping promote donor financing, according to the news agency Reuters.

In an official statement, the IMF stated that the four-month 'Program Monitoring with Board involvement (PMB)' was approved by the management on December 9 and discussed by the board on Monday.

It also added that the IMF will help Ukraine implement prudent policies and 'catalyze' external financing, as per Reuters reports.

"Large and predictable external financial support will be critical for the success of the authorities’ strategy, and frontloaded disbursements would help address strains in early 2023," IMF First Deputy Managing Director Gita Gopinath said.

Speaking to reporters here, IMF's mission chief for Ukraine, Gavin Gray said that the IMF estimates the country will need between $40 billion and $57 billion in external financing in 2023.

Recently, Ukraine witnessed a large-scale missile attack and multiple drone attacks on its capital city Kyiv. More than 20 Iranian-made drones were detected over the capital's airspace and at least 15 of them were shot down.

Oleksii Kuleba, Kyiv region Gov informed that some infrastructure facilities were damaged, as well as private houses, and at least two people were injured.

Ukraine's air force said that they were able to destroy 30 of at least 35 self-explosives drones that Russia launched across the country from the eastern side of the Azov Sea.

The strikes came after a top Ukrainian army commander warned there’s “no doubt" Russian forces will attempt to seize Kyiv as soon as January after failing in the spring, potentially from a staging ground in Belarus.

 

(With Reuters inputs)

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First Published:20 Dec 2022, 08:51 AM IST
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