IMF Loan-Program Staff Review Unlocks $1.1 Billion for Ukraine

Sep 11, 2024, 03:40 AM

Ukraine's economy grew by 3.7% in the second quarter of the year, with inflation remaining modest, according to Prime Minister Denys Shmyhal. Despite the economic growth, talks with the International Monetary Fund (IMF) regarding Ukraine's financing needs have been difficult. However, the IMF announced that it had reached a preliminary staff-level agreement with Ukraine, which would provide the war-torn country with access to about $1.1 billion in financial assistance. This agreement follows Ukraine's first quarter GDP growth of 6.5% and inflation at 5.4%. The IMF's decision, following a loan-program staff review, is expected to unlock the funds needed to support Ukraine's economy amidst ongoing challenges.