This paper provides an overview of the International Monetary Fund (IMF)’s lending to Ukraine, particularly focusing on the IMF response to the Russia’s invasion of Ukraine since February 2022, given the challenging macroeconomic circumstances. If further analyses the key elements of the IMF’ Extended Fund Facility (EFF) programme for Ukraine, including the evolution of core assumptions, risks, fiscal sustainability and conditionality.
Authors
- Pages
- 30
- Published in
- Belgium
Table of Contents
- IMF Lending to Ukraine: State of Play and the Road Ahead 1
- Introduction 1
- IMF engagement with Ukraine 3
- Review of the IMF’s surcharge policy: implications for Ukraine 4
- 2023 EFF in detail 5
- Evolution of assumptions and risk evaluations 5
- Fulfilment of conditions 8
- Breadth of conditionality and performance 8
- Depth of structural reform conditions 9
- Fiscal sustainability 10
- Debt dynamics and restructuring 13
- Official and commercial debt restructuring 15
- Looking ahead 17
- G7 Extraordinary Revenue Acceleration (ERA) Loans 12
- Ukraine Security Supplemental Appropriations Act (USSAA): grant or loan? 15
- Annexes 18
- 1) Overview of methodology to assess depth of structural conditions 18
- 2) Table on IMF’s EFF: conditions and reviews 19
- Disclaimer and copyright. The opinions expressed in this document are the sole responsibility of the authors and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes ar... 30
- Disclaimer and copyright. The opinions expressed in this document are the sole responsibility of the authors and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes ar... 30
