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IMF team to begin meeting officials in Ukraine

IMF team to begin meeting officials in Ukraine

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington September 4, 2018. — Reuters pic

KYIV, Oct 1 — An International Monetary Fund will begin holding meetings in Ukraine on Sunday to discuss policy goals and challenges with government officials and others there, the Fund’s country representative Vahram Stepanyan said today.

Ukraine’s economy has been hit hard since Russia launched a full-scale invasion in February 2022, and the government has relied heavily on Western aid to finance social and humanitarian payments.

The IMF said last week its mission had begun its second review of a US$15.6 billion (RM73.2 billion) multi-year loan program for the country.

The four-year programme for Kyiv is part of a US$115-billion global package to support the economy as Ukraine battles Russia’s invading forces.

“An IMF team, led by Uma Ramakrishnan, Deputy Director of the Fund’s European Department, starts meetings today in Kyiv with the Ukrainian authorities and other stakeholders,” Stepanyan said in a statement.

“The high-level engagement will focus on policy goals and challenges in the context of Ukraine’s program supported by the IMF Extended Fund Facility (EFF) Arrangement.”

The government in Kyiv has said that Ukrainian businesses have adjusted to the new wartime reality and that the economy has been recovering more quickly than expected this year. — Reuters