1 of 1 IMF logo in front of the main building in Washington — Photo: Yuri Gripas/Portal IMF logo in front of the main building in Washington — Photo: Yuri Gripas/Portal
The International Monetary Fund (IMF) announced this Tuesday (21) that it had reached an agreement with the Ukrainian government on an aid plan totaling US$15.6 billion (about R$82 billion).
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The plan would make it possible to “maintain the gradual economic recovery while creating the conditions for longterm growth in the context of postconflict reconstruction [com a Rússia] and with a roadmap for joining the European Union,” the IMF said in a statement.
The deal will be submitted to the IMF Board for final validation “in the coming weeks.”
“Apart from the terrible human cost, the Russian invasion of Ukraine continues to have a devastating economic impact: GDP fell by 30% in 2022, much of the industrial sector was devastated and poverty skyrocketed,” said Ukraine’s Head of Mission IMF, Gavin Gray.
Despite these obstacles, the Ukrainian government has managed “to maintain financial and macroeconomic stability, thanks in particular to significant international support and the implementation of sensible policies,” he added.
US Treasury Secretary Janet Yellen in a statement “lauded” the IMF’s deal with Ukraine, adding that the United States towards Russia “will continue to support the government and people of Ukraine for as long as is necessary.”
Since the war began on February 24, 2022, Ukraine has received more than $20 billion (more than 100 billion reals) in loans or grants from the World Bank and more than $110 billion (more than 570 billion reals, approximately) from the United States, including military support.
Much of these resources enabled Ukraine to run public services and pay the salaries of its employees, as well as care for internally displaced people.
The IMF is counting on a partial and gradual economic recovery in Ukraine this year, thanks in particular to the maintenance of essential infrastructure such as the electricity grid, which is still under attack from Russia.