Ukraine reaches agreement with IMF for $15.6 billion financing package

Ukraine, which is at war with Russia, has reached an agreement with the International Monetary Fund (IMF) for a financing package of approximately $15.6 billion. The IMF announced that the IMF mission team and Ukrainian officials have reached a technical agreement on providing a 48-month fund that will include supporting financial stability and economic recovery. The statement reported that, upon the request of Ukrainian officials, the IMF team led by Gavin Gray held talks with Ukrainian officials in Warsaw on March 8-15 regarding a 4-year economic program. The statement indicated that the financing package is approximately $15.6 billion and that the economic program in question is subject to approval by the IMF Board of Executive Directors, which is expected to evaluate it in the coming weeks. On the other hand, US Treasury Secretary Janet Yellen made a written statement regarding the agreement reached between Ukraine and the IMF on the new economic program. Yellen said an ambitious and appropriately conditioned IMF program is critical to supporting Ukraine's reform efforts, including strengthening good governance, addressing corruption risks, and providing needed financial support. She also said she would support economic assistance from the United States and its partners.