An International Monetary Fund (IMF) mission commenced in Ukraine, as the country grapples with filling a substantial gap in its wartime budget for the upcoming year. With defense expenses rising due to Russia’s persistent conflict, Ukraine is in urgent need of financial solutions.
The mission will evaluate whether a new lending program is needed or the existing $15.5 billion program should be modified. Approval by the IMF board, including its largest shareholder, the United States, remains crucial, amid potential skepticism regarding increased lending.
This IMF visit is timely, preceding next month’s IMF and World Bank meetings, crucial for addressing Ukraine’s reconstruction and financial uncertainties as costs continue to rise amidst ongoing infrastructure attacks.
(With inputs from agencies.)