The IMF approved a loan for Kyiv for $ 15.6 billion, calculated for four years
This is the first loan approved by the IMF for a country where hostilities are taking place.
The Executive Board of the International Monetary Fund (IMF) has approved a four-year $15.6 billion loan to Ukraine, Reuters reported, citing a source briefed on the decision. This loan is the largest for Kyiv since the outbreak of hostilities in February last year and the first approved by the IMF for the country in which hostilities are taking place, the agency notes. Bloomberg also writes about this.
According to Bloomberg, Ukraine must first take measures to maintain fiscal, external, price, and financial stability within 12-18 months. Going forward, Kyiv has committed to broader reforms to maintain macroeconomic stability, as well as the recovery and reconstruction of the country, including in line to join the EU. The IMF expects that during this time the country will return to a flexible exchange rate and inflation targeting. Before this, funds were allocated to Ukraine through the Fast-Track Financing Tool as emergency assistance, the agency notes.
At the end of March, the IMF and Ukraine agreed on a loan program. After that, a group of the country's creditors - Canada, France, Germany, Japan, Great Britain, and the United States - extended the moratorium on the payment of debts by Kyiv until 2027.
The official representative of the Russian Foreign Ministry, Maria Zakharova, called the IMF loan for Kyiv "pushing money into a black hole."
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