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IMF Executive Board Approves Additional Financing for Ukraine

IMF Executive Board Approves Additional Financing for Ukraine

On 7 October 2022, the IMF Executive Board approved an additional tranche of USD 1.3 billion for Ukraine.

The letter with the request for the funding was sent to the IMF by the Ukrainian authorities on 1 October 2022.

Prior to the Board meeting, the newly appointed NBU Governor Andrii Pyshnyi informed the IMF Managing Director Kristalina Georgieva about his support of all the provisions and commitments stipulated in the request letter that was signed by his predecessor Kyrylo Shevchenko and Minister of Finance Serhii Marchenko.

The money will be provided through a new channel for emergency Fund financing to member countries that have urgent balance of payment needs due to the global food crisis - Food Shock Window under Rapid Financing Instrument (RFI).

 “We are grateful to the International Monetary Fund for a well-timed support provided today by making available to Ukraine additional financing in the amount of USD 1.3 billion and for USD 1.4 billion provided at the beginning of March. It is also important for Ukraine to agree on an upper credit tranche quality IMF-supported program, and we hope to start working on its design right away”, said NBU Governor Andriy Pyshnyy.

For reference

The RFI Food Shock Window provides quick assistance for urgent balance of payments needs due to acute food insecurity, a sharp increase in the food or fertilizer import bill, or a shock to cereal exports.

Access of up to 50 percent of quota during the 12-month period from September 30, 2022 to September 29, 2023. Access under the food shock window will be additional to the annual access limits of other windows.

Link: The IMF's Rapid Financing Instrument (RFI).

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