The IMF improved Ukraine’s GDP growth forecast
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The International Monetary Fund has improved its forecast for the growth of the Ukrainian economy in 2023. If earlier there was an expectation that the GDP could change from -3% to +1%, then they expect a growth of 1−3%. This was reported by the press service of the IMF.
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“Ukraine’s economy has shown incredible resilience – economic activity increased in the first quarter, energy infrastructure was restored after the attacks, the currency market stabilized, and inflation began to decline decisively. We expect a stronger recovery as the economy gradually adapts to the conditions of the war,” said Gavin Gray, head of the IMF mission.
He also added that the prospects remain very uncertain because the war continues.
“The introduction of structural reforms within the framework of the program, including the reform of public administration, the fight against corruption and the management of public investments, will strengthen institutions and lay the foundation for strong and sustainable growth. They will, in particular, improve the environment, contributing to the recovery and reconstruction efforts that the government is now starting, and thus will help attract much-needed private sector investment,” Gray said.
Reaching an agreement
As a result of the work of the IMF mission in Vienna, Ukraine reached an agreement at the staff level to receive the second tranche in the amount of $900 million. This agreement still needs to be approved by the IMF board. It is expected that the corresponding decision will be made in the coming weeks.
Let’s remind
The Ministry of Finance wrote that the IMF mission began work in Vienna on May 23 after the first review of the $15.6 billion four-year program with Ukraine.
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News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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