The IMF is finalising a four-year, $15.6bn lending programme for Ukraine, with an individual near the talks saying an announcement is “imminent”.
The multilateral lender has been beneath stress to drag collectively a extra complete support package deal for the nation, which has been economically devastated by Russia’s invasion early final yr. The individual mentioned an announcement would are available in a number of days.
In an announcement launched on Wednesday, the IMF affirmed that coverage discussions with Ukrainian authorities had taken place in Warsaw, Poland, between March 8 and 15.
“The discussions between IMF employees and the Ukrainian authorities have been productive and superb progress has been made in the direction of settlement on a set of insurance policies that would underpin a Fund-supported programme,” mentioned Vahram Stepanyan, the Fund’s resident consultant to Ukraine. “Constructing on this progress, employees and the authorities anticipate to conclude the discussions within the coming days.”
Ukraine beforehand mentioned it was going through a $38bn deficit this yr, whereas the World Financial institution has estimated that greater than half of its power infrastructure has been destroyed by Russian assaults, compounding the stress on its financial system.
The dimensions of the mortgage had been pegged at between $14bn and $16bn in preliminary discussions.
The fund beforehand granted Ukraine $2.7bn of emergency funding and in December authorized a four-month programme for the nation aimed toward each shoring up the financial system and getting ready it for a big IMF mortgage.