The Ministry of Finance has been counting on IMF money since the second quarter
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The Ministry of Finance expects to quickly agree with the IMF on a new credit program after the current monitoring program and start receiving financing from the second quarter of 2023. Minister Serhiy Marchenko said this at a joint meeting of the government and the board of the European Commission on Thursday.
Photo: mof.gov.ua 0
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“Macrofinancial assistance of the EU in the amount of 18 billion euros and $9.9 billion in grant funding from the USA is a great achievement of our partners and a powerful support for Ukraine, however, the deficit remains around $10 billion. We hope that the successful implementation of the monitoring program will open the way to a full-fledged new IMF program with corresponding financing from the second quarter of the current year. This will help us close the remaining gap,” Marchenko said.
He stated that foreign support continues to be vital for Ukraine, and stable budget execution is a key condition for the country’s preservation and confrontation with Russia.
Marchenko said that even an hour ago, Ukraine’s economy had a solid foundation: the ratio of debt to GDP was less than 50%, and the budget deficit was at the level of 3.5%.
A full-scale Russian invasion destroyed it. The damage caused to the economy by the war led to its reduction by 30.3%, and inflation jumped to 26.6%.
Source: Ministry of Finance
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