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That's despite Congress recently passing a short-term funding package that averted a U.S. government shutdown but dropped $6 billion in aid to Ukraine. Political Cartoons View All 1199 ImagesOfficials from the Washington-based IMF also said Ukraine’s economy was showing surprising resilience despite widespread damage from Russia’s war. Ukraine is “making good progress” on passing legislation on a specialized anti-corruption prosecutor, said IMF Ukraine mission chief Gavin Gray. IMF loan agreements with Ukraine before the war had stalled due to lack of progress in curbing corruption and the influence of politically influential business moguls. ___This story has been corrected to show that the IMF loan package is over four years, not three.

Persons: It's, “, Biden, Uma Ramakrishnan, Gavin Gray, Volodymyr Zelenskyy, Nathan Epstein, ___ McHugh Organizations: —, International Monetary Fund, Institute, IMF, Ukraine, Bills Locations: KYIV, Ukraine, United States, U.S, Kiel, Germany, Kyiv, Washington, Ukrainian, Frankfurt

WASHINGTON, June 29 (Reuters) - The International Monetary Fund's executive board on Thursday completed its first review of Ukraine's $15.6 billion loan program, allowing Kyiv to immediately withdraw $890 million for budget support as it mounts a major offensive against Russia's invasion. The IMF said Ukrainian authorities have made "strong progress" toward meeting reform commitments under "challenging conditions," meeting quantitative performance criteria through April and structural benchmarks through June. IMF Ukraine mission chief Gavin Gray told reporters the IMF is continuing to study the social, environmental and economic impacts of the destruction of the Kakhovka Dam earlier this month, which caused widespread flooding in southern Ukraine. The IMF expects to carry out its next review of Ukraine's program in late November or early December, the official added. Gray said Ukrainian authorities also needed to continue work on strengthening governance and fighting corruption, with new legislation passed by the end of September.

Persons: Kristalina Georgieva, Georgieva, Gavin Gray, Gray, David Lawder, Andrea Shalal, Leslie Adler, Deepa Babington, Richard Chang Organizations: Monetary Fund's, IMF, Thomson Locations: Kyiv, Ukraine, IMF Ukraine

WASHINGTON, March 31 (Reuters) - The International Monetary Fund said on Friday its executive board approved a four-year $15.6 billion loan program for Ukraine, part of a global $115 billion package to support the country's economy as it battles Russia's 13-month-old invasion. The Extended Fund Facility (EFF) loan is the first major conventional financing program approved by the IMF for a country involved in a large-scale war. Ukraine's previous, $5 billion long-term IMF program was canceled in March 2022 when the fund provided $1.4 billion in emergency financing with few conditions. The latest loan is expected to unlock about $100 billion worth of additional international support for Ukraine. An IMF official said the $115 billion package includes the IMF loan, $80 billion in pledges for grants and concessional loans from multilateral institutions and other countries, and $20 billion worth of debt relief commitments.

The global lender said the agreement was expected to help unleash large-scale financing for Ukraine from international donors and partners, but gave no details. IMF staff currently expected the change in Ukraine's real gross domestic product for 2023 to range from -3% to +1%, Gray added. Ukrainian Prime Minister Denys Shmyhal hailed the agreement and thanked the IMF for its support. If approved, as expected, the Ukraine program would be the IMF's biggest loan to a country involved in an active conflict. The fund last week changed a rule to allow new loan programs for countries facing "exceptionally high uncertainty", without naming Ukraine.

☆ IMF approves program for Ukraine to help promote donor financing
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 19 (Reuters) - The International Monetary Fund said on Monday it has approved a four-month program for Ukraine aimed at maintaining economic stability following Russia's invasion of the country, and helping promote donor financing. Gavin Gray, the IMF's mission chief for Ukraine, said the IMF estimates the country will need between $40 billion and $57 billion in external financing in 2023. The IMF will not make any loans itself but hopes the PMB will help boost confidence among donor nations to support Ukraine. As part of the program, Ukraine has committed to taking measures to strengthen its tax revenues, revive the domestic debt market, and make financial sector reforms. "Strong implementation of the PMB should help pave the way toward a possible full-fledged IMF-supported program."

☆ IMF concludes mission on Ukraine, urges authorities to avoid eroding tax revenues
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 21 (Reuters) - An International Monetary Fund team held productive discussions with Ukrainian authorities in Vienna this week and will continue work in coming weeks on Ukraine's request for enhanced program monitoring, IMF mission chief Gavin Gray said on Friday. Gray said IMF staff met with Ukrainian authorities, and discussed its findings with Finance Minister Serhiy Marchenko and Governor of the National Bank of Ukraine Andriy Pyshnyi. He said Russia's invasion had caused tremendous human suffering and had a severe economic impact, with the fiscal deficit rising to unprecedented levels. But IMF officials were encouraging Ukraine to refrain from measures that erode tax revenues. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

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