Ukraine has received a tranche of $2.2 billion from the International Monetary Fund (IMF) and the successful completion of the fourth programme revision, Prime Minister Denys Shmyhal said on July 3.
"These funds will help finance critical budget expenditures, social benefits, and the salaries of doctors and teachers," Shmyhal said.
The tranche, disbursed under the Extended Fund Facility (EFF) program, was approved by the IMF in late June. The funding came after Ukraine completed the fourth EFF revision, which has been ongoing since May 31.
The EFF funds are meant to lend Ukraine stability amid the disruptions of war, support the country's postwar recovery, and promote economic growth as Ukraine moves forward on the path to EU membership.
Not counting the most recent tranche, the EFF has previously provided Ukraine with $7.6 billion in budgetary assistance since the start of Russia's full-scale invasion.
The total EFF amount for 2023-2027 is $15.6 billion, part of a larger international support package for Ukraine.
Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.
Dominic Culverwell
