Ukraine officially applied to the IMF to benefit from the special program

Ukraine has formally applied to start a new special program with the International Monetary Fund (IMF). Announcing the application, Prime Minister Denis Shmigal stated that his country hopes to receive support under the IMF’s November-December aid program.

Speaking at the press conference held after his meeting with German Finance Minister Christian Lindner, Shmigal said, “We sent a letter to the IMF management on Friday. We expect to receive appropriate assistance in November-December this year.”

In July, IMF officials clarified rumors of Ukraine’s default after the Russian invasion and stated that Ukraine continues to pay its foreign debts.

Stating that the fund considers donation financing of the international community as an urgent and short-term priority, IMF spokesman Gerry Rice drew attention to the fact that the Ukrainian government can remain operational without further borrowing.

After the Russian invasion launched on February 24, Ukraine’s economy and government revenues contracted significantly, and the G7 countries committed to provide $20 billion in support to the government in the next few months.

“Germany will accelerate 8 billion euros of EU aid”

Ukrainian Prime Minister Shmigal also reported that Germany has promised to help his country quickly receive the next 8 billion euros of macro-financial assistance.

“In the spring, the European Commission approved the decision to offer 9 billion euros of macro-financial assistance. We have received 1 billion euros and we are waiting for 8 billion. We hope that our partners will show firm support for this decision, which is critical for us,” Shmigal said.

Shmigal stated that they also discussed with German Finance Minister Lindner the reconstruction of Ukraine’s infrastructure and networks, and gas supply in the autumn-winter period.

In the information on the Ukrainian government’s website, Lindner reportedly noted that Germany would help Ukraine get the remaining 8 billion of EU aid quickly.

In the statement, it was also noted that the initiatives initiated by the Ukrainian government for the postponement of debt payments and Germany’s support for Ukraine’s efforts to start a new special program with the IMF.

According to IMF data, Ukraine’s gross domestic product is expected to decrease by minus 35 percent in 2022. The country, which has been a member of the IMF since September 3, 1992, has a debt of 7.5 billion dollars as of June 30, 2022 and has more than 2 billion special drawing rights.

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