International

IMF Launches Fund to Support Ukraine's Reforms

The International Monetary Fund (IMF) on Tuesday announced the official launch of a new trust fund to support economic and financial reforms in Ukraine over the next five years, with a target of $65 million from donor countries.

The Ukraine Capacity Development Fund (UCDF) was launched in Kyiv with initial resources of $16.5 million provided by the Netherlands, Slovakia, Latvia, Japan, and Lithuania, as reported by Reuters and quoted by Agerpres.

The plan is to allocate $27.5 million to support key areas of the reform agenda of the authorities in Kyiv, which are aligned with the $15.5 billion Extended Fund Facility (EFF) program agreed with Ukraine.

Areas to be supported include:

The resources will help cover IMF capacity development operations in Ukraine from 2024 to 2028, said the IMF, a major international creditor to Ukraine.

The U.S. Senate on Tuesday passed a $60 billion aid package for Ukraine and funding for Israel and Taiwan, but the bill is dead on arrival for now as House Republicans refuse to take it up in its current form.

The IMF Board approved a $900 million tranche for Ukraine in December 2023 and urged other countries and donors to meet their aid commitments, which totaled $122 billion last year. The EU recently approved a €50 billion package.

Translation by Iurie Tataru

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