IMF Managing Director Kristalina Georgieva offered words of support to Ukrainian President Volodymyr Zelenskiy during his first visit to the Fund Monday (Dec. 11) in Washington, DC.
“We have worked very closely with the economic team of Ukraine over the last weeks. And today we completed the second review of our program under the banner of strength in economic performance in Ukraine,” Georgieva said at the end of their meeting.
Earlier in the day, The Executive Board of the International Monetary Fund (IMF) concluded the 2023 Article IV Consultation and completed the Second Review of the EFF arrangement for Ukraine. The completion of the second review enables the authorities to immediately draw an amount of about US$900 million (SDR 663.9 million).
“Our team, we really demonstrated that we can reform our country during the war, and I think that is a huge success for us,” Zelenskiy told reporters following the meeting.
The IMF last month announced a staff-level agreement with Ukraine on updated economic and financial policies, finding that the Ukrainian economy continued to show "remarkable resilience" despite Russia's invasion in February 2022.
The $15.6 billion arrangement under the Extended Fund Facility (EFF) is part of an international $115-billion financial package, for the same four-year period, which is intended to support the authorities’ policies to stabilize the economy as the war continues and entrench more expansive reforms to speed recovery once war winds down.
Recent developments were pointing to a stronger-than-expected economic recovery in 2023 and continued growth in 2024.
Zelenskiy is also scheduled to meet with US President Joe Biden and top congressional officials while in Washington as he seeks to shore up support for continued US security assistance to help Kyiv continue its fight against Russia's invasion.
A copy of the full transcript is available at IMF.org