Kyiv: Ukraine has reached a staff-level agreement with the International Monetary Fund (IMF) on the eighth review of the Extended Fund Facility (EFF), paving the way for a new disbursement of about $500 million, Prime Minister Denys Shmyhal announced Thursday. Shmyhal said the latest review, once approved by the IMF Board of Directors, will bring total payments under the $15.6 billion arrangement to over $10 billion.

According to Anadolu Agency, Shmyhal noted that despite the challenges of the ongoing war, the IMF estimates that Ukraine's economy remains stable. He emphasized the government's commitment to continuing necessary changes and reforms. Shmyhal expressed appreciation to the National Bank of Ukraine (NBU) teams for their efforts and thanked the IMF for its partnership, which he described as reliable and supportive of Ukraine's macroeconomic stability under challenging conditions.

The EFF arrangement, approved in March 2023, forms a crucial part of the IMF's multi-year support for Ukraine amid the ongoing conflict with Russia.