IMF Staff Country Reports

Ukraine: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine

October 18, 2024

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Format: Chicago

International Monetary Fund. European Dept. "Ukraine: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine", IMF Staff Country Reports 2024, 314 (2024), accessed November 21, 2024, https://0-doi-org.library.svsu.edu/10.5089/9798400290534.002

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Summary

Russia’s war in Ukraine continues to bring a rising economic, social, and humanitarian toll. The attacks on the energy infrastructure have inflicted severe economic damage and losses, and the outlook remains highly uncertain. The war is expected to continue through the coming year, generating expenditure pressures and opening additional financing needs. In addition to the longer war, several other recent developments carry important implications for the IMF-supported program: first, a package of tax measures awaits adoption by Parliament, after which the authorities must continue to build on this effort with further broad-based measures to support fiscal sustainability; second, the successful Eurobond exchange in August is a major achievement toward restoring debt sustainability and securing debt relief amid pressing expenditure needs; and finally, the G7’s assurance to provide US$50 billion of stable, multi-year financing to Ukraine through Extraordinary Revenue Acceleration Loans for Ukraine (ERA) initiative is critical for meeting the now larger financing needs.

Subject: Budget planning and preparation, Debt sustainability, Exchange rates, Expenditure, External debt, Financial institutions, Financial sector policy and analysis, Financial sector stability, Fiscal risks, Foreign exchange, Loans, Public debt, Public financial management (PFM), Revenue administration

Keywords: Budget planning and preparation, Currencies, Debt sustainability, Exchange rates, External debt, Financial sector stability, Fiscal risks, Loans

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