The IMF is set to announce a $15.6bn lending program for Ukraine -Dlight News

The IMF is set to announce a $15.6bn lending program for Ukraine

The IMF is finalizing a four-year, $15.6bn lending program for Ukraine, with a person close to the talks saying an announcement is “imminent”.

The multilateral lender is under pressure to pull together a more comprehensive aid package for the country, which has been economically devastated by Russia’s invasion early last year. The person said that the announcement will come in a few days.

In a statement released on Wednesday, the IMF confirmed that policy discussions with Ukrainian authorities took place between March 8 and 15 in Warsaw, Poland.

“Discussions between IMF staff and the Ukrainian authorities were fruitful and very good progress has been made toward agreement on a set of policies that can underpin Fund-supported programs,” said Vahram Stepanyan, the Fund’s resident representative in Ukraine. “Based on this progress, staff and authorities expect to conclude discussions in the coming days.”

Ukraine has previously said it faces a $38bn deficit this year, while the World Bank has estimated that more than half of its energy infrastructure has been destroyed by Russian attacks, adding to pressure on its economy.

Initial discussions put the size of the loan at between $14bn and $16bn.

The fund previously provided $2.7bn in emergency funding to Ukraine and in December approved a four-month program for the country aimed at boosting the economy and preparing it for a substantial IMF loan.

Source link