The Government of Ukraine and the International Monetary Fund's team have reached a staff-level agreement that allows to launch the first revision of joint Stand-by Arrangement. According to the results of the first review, Ukraine will receive a payment from the IMF in the amount of about $700 million.

"Ukraine's cooperation with the IMF is one of the markers for the international community that our country is moving in the right direction. Today's assessment by the Fund shows that Ukraine is actively implementing reforms to build a modern state with a developed market economy. Recently, new projects have been agreed with the World Bank, the allocation of the second tranche of macrofinancial assistance from the EU and now positive agreements with the IMF - all these are an indicator of the effectiveness of our joint work for the successful future of Ukraine," said Denys Shmyhal.

The IMF Board is expected to approve the agreement in November this year and extend the program until the end of June 2022.

A joint Stand-by Arrangement between Ukraine and the IMF worth $5 billion was approved on June 9, 2020. It aims to overcome the effects of the COVID-19 pandemic, strengthen the results and continue to implement important structural reforms in Ukraine.