© Reuters. FILE PHOTO: Local residents gather near a residential building as a critical power infrastructure object burns after a Russian drone attack, amid Russia’s attack on Ukraine, in Kyiv, Ukraine December 19, 2022. REUTERS/Gleb Garanich
WASHINGTON (Reuters) – The International Monetary Fund said on Monday it has approved a four-month program for Ukraine that is aimed at maintaining economic stability following Russia’s invasion of the country, and helping promote donor financing.
It said the four-month “Program Monitoring with Board involvement (PMB)” was approved by the IMF’s management on Dec. 9 and discussed by its board on Monday, adding that it will help Ukraine implement prudent policies and “catalyze” external financing.
“Large and predictable external financial support will be critical for the success of the authorities’ strategy, and frontloaded disbursements would help address strains in early 2023,” IMF First Deputy Managing Director Gita Gopinath said in a statement.
Gavin Gray, the IMF’s mission chief for Ukraine, told reporters that the IMF estimates the country will need between $40 billion and $57 billion in external financing in 2023.