“I am delighted to announce the reopening of the IMF Resident Representative Office in Kyiv, as we further deepen our engagement with Ukraine,” said IMF Managing Director Kristalina Georgieva on Twitter.

I am delighted to announce the reopening of the IMF Resident Representative Office in Kyiv, as we further deepen our engagement with Ukraine ????????.
Learn more about our work in Ukraine: https://t.co/IqmsdHPS7p pic.twitter.com/JDO8beMdBU

— Kristalina Georgieva (@KGeorgieva) October 3, 2023

The IMF team led by European Department Deputy Director Gyu Oh visited Kyiv earlier this month to meet with Ukrainian officials and key partners. The meetings focused on preparations for the second review of Ukraine’s $15.6 billion Extended Fund Facility program approved in March.

The first review was completed in June, resulting in Ukraine receiving $1.7 billion in budget support within the program.

As was reported, when the extended program was launched to support Ukraine by $15.6 billion over four years, the IMF outlined 19 structural benchmarks for economic reforms that Ukraine committed to implementing. The cooperation aims to maintain macroeconomic stability and catalyze economic recovery during and after the Russo-Ukrainian war.

As was reported, Ukraine’s Cabinet planned Ukraine’s budget spending for 2024 at the level of more than UAH 3.3 trillion ($89 billion). Nearly 55% of the sum will be collected by taxes, while borrowings, grants, and other minor income sources are expected to cover the rest. All taxes collected in Ukraine will be spent on defense.

Ukraine to boost defense production sevenfold in 2024 budget plan