IMF establishes new aid fund for Ukraine — Pyshnyi

The International Monetary Fund (IMF) has announced the creation of the Capacity Development Fund for Ukraine, with $14 million already received from donors, National Bank of Ukraine Governor Andriy Pyshnyi has said in a post on Facebook.

“The IMF has officially launched the Capacity Development Fund for Ukraine, aimed at addressing the needs for the implementation of our country’s potential development plan and ensuring the successful execution of reforms,” Pyshnyi wrote.

Pyshnyi also pointed out that the most recent two memorandums agreed between Ukraine and the IMF prioritize “maintaining macroeconomic, external and financial stability in order to strengthen Ukraine’s capacity on its way to victory.”

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The NBU Governor noted several critical aspects of this, including international financial assistance, economic reforms in Ukraine, and strengthening the institutional capacity of government bodies.

He said consistency, timeliness, and comprehensiveness are crucial in each of these areas. The focus is on ensuring that reforms in Ukraine and capacity-building efforts continue, drawing inspiration from best global practices, he wrote.

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Pyshnyi also noted the IMF’s leadership in mobilizing financial assistance for Ukraine, with current donor contributions totaling $14 million, and the target reaching $65 million.

“I’m grateful to the Fund, especially to (IMF First Deputy Managing Director) Gita Gopinath, who acknowledged our achievements. I also extend my gratitude to the governments of partner countries for their unwavering commitment and their commitment to providing support as needed,” Pyshnyi said.

As previously reported, the Annual Meetings of the IMF and the World Bank began in Morocco on Oct. 9. During these meetings, Kristalina Georgieva, the Managing Director of the Fund, highlighted at least three significant achievements of Ukraine related to economic stabilization.

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