IMF staff reaches agreement with Ukraine for $15.6 bln program

 

The International Monetary Fund said on Tuesday it had reached a staff-level agreement with Ukraine for a four-year financing package worth about $15.6 billion, offering funds the country needs as it continues to defend against Russia’s invasion.

“The overarching goals of the authorities’ program are to sustain economic and financial stability in circumstances of exceptionally high uncertainty, restore debt sustainability, and support Ukraine’s recovery on the path toward EU accession in the post-war period,” IMF official Gavin Gray said in a statement announcing the agreement.

IMF staff on Tuesday briefed board members on the agreement - which would be Ukraine’s biggest loan package since Russia’s full-scale invasion on Feb. 24, 2022 - and the board was supportive, a source familiar with the matter said.