The board of the International Monetary Fund (IMF) on October 18 approved a $1.1 billion payout for Ukraine to be used to provide budget support to the war-torn country.
The loan disbursal is the latest tranche of funding the IMF has released to Ukraine as part of an ongoing four-year, $15.5 billion program approved in March 2023.
The approval of the fifth review of the expanded agreement under the Enhanced Financing Program (EFF) for Ukraine brings the total amount disbursed to Ukraine since then to $8.7 billion.
"Russia's war in Ukraine continues to bring a devastating social and economic toll on Ukraine," IMF Managing Director Kristalina Georgieva said in a statement.
"Despite the war, macroeconomic and financial stability is being preserved through skillful policymaking by the Ukrainian authorities, as well as substantial support,” Georgieva said. “"The economy has remained resilient, despite significant damage to the energy infrastructure, reflecting the continued adaptability of households and firms."
The IMF statement said that Ukraine had met all of the relevant targets, including on structural reforms relating to tax privileges, public companies, and customs reform.
Ukraine's economy had been "more resilient than expected" in the first half of the year, with good domestic data "bolstered by continued sizable external support," the IMF said.
But it warned that the economic outlook through the end of next year remained subject to "exceptionally high uncertainty," largely due to sustained Russian attacks on Ukrainian energy infrastructure and uncertainty about the war.