Ukraine reaches agreements with IMF, World Bank to support economic recovery

The Ukrainian delegation in Washington has reached agreements with the International Monetary Fund (IMF), the World Bank, and the International Finance Corporation (IFC) to support economic recovery, attract investment, and accelerate privatization.

First Vice Prime Minister and Minister of Economy of Ukraine Yulia Svyrydenko announced this on Facebook, as reported by Ukrinform.

During a meeting with Alfred Kammer, Director of the IMF’s European Department, Svyrydenko stated that the next step should be to accelerate economic growth, return millions of Ukrainians to economic activity, and attract investment.

She emphasized that the IMF has reaffirmed its commitment to Ukraine, saying: “The IMF has confirmed that it will stay with us regardless of the security situation. This is an important signal for business and partners.”

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The IFC has also pledged its support for financial reforms in Ukraine and emphasized its readiness to assist in attracting private investment. According to the organization, it sees the potential for greater business participation in the country’s recovery.

The parties agreed to involve the IFC team in efforts to strengthen Ukraine’s privatization process and discussed key projects that the IFC plans to present at the upcoming recovery conference in Rome.

Additionally, discussions with World Bank Group Chief Economist Indermit Gill and Professor of Economics at the University of Chicago Ufuk Akcigit led to an agreement to engage experts in developing Ukraine’s economic strategy and enhancing the business environment. The partners also confirmed their commitment to presenting a comprehensive study of the Ukrainian economy at the conference on Ukraine’s recovery in Rome.

As reported by Ukrinform, Ukraine and the International Monetary Fund reached a staff-level agreement on the eighth revision of the Extended Fund Facility (EFF) program, paving the way for Ukraine to receive a $500 million tranche.

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