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IMF, Ukraine Reach Staff Level Agreement on $15.6b 'EFF Arrangement'

IMF logo / Reuters
IMF logo / Reuters
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IMF, Ukraine Reach Staff Level Agreement on $15.6b 'EFF Arrangement'

IMF logo / Reuters
IMF logo / Reuters

The International Monetary Fund announced on Tuesday that it reached with Ukrainian authorities a staff have a staff-level agreement that would be supported by a new 48-month Extended Fund Facility (EFF) Arrangement.

It said the EFF, with requested access of around $15.6 billion aims to support the Ukrainian authorities anchor policies that sustain fiscal, external, price and financial stability, and support the ongoing gradual economic recovery, while promoting long-term growth in the context of post-war reconstruction and Ukraine’s path to EU accession.

IMF Mission Chief for Ukraine Gavin Gray made the announcement, saying the agreement with the Ukrainian authorities is on a 4-year IMF-supported program, noting that it would be subject to approval by the IMF Executive Board, with Board consideration expected in the coming weeks.

“The staff-level agreement reflects the IMF’s continued commitment to support Ukraine and is expected to help mobilize large-scale concessional financing from Ukraine’s international donors and partners over the duration of the program," he added.

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Cyprus Says US Decree on Security Affirms Island's Stabilizing Role in Region

Nicosia, Cyprus | Photo: Getty Images
Nicosia, Cyprus | Photo: Getty Images
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Cyprus Says US Decree on Security Affirms Island's Stabilizing Role in Region

Nicosia, Cyprus | Photo: Getty Images
Nicosia, Cyprus | Photo: Getty Images

Cyprus on Thursday hailed a US memorandum allowing military sales, including arms, to the island as a milestone affirming recognition of the island as a pillar of stability in the east Mediterranean region which has been fraught with conflict.
US President Joe Biden boosted security ties with Cyprus on Wednesday by issuing a memorandum that makes the island eligible to receive American defense articles, military sales and training.
Cyprus has over the years played a key role in evacuating people out of conflict zones and established a maritime corridor for aid to war-ravaged Gaza last year.
"This (memorandum) is a clear recognition of the Republic of Cyprus as a pillar of stability and security in the Eastern Mediterranean, with the potential to further contribute to peace and the management of humanitarian challenges," the Cypriot presidency said in a statement.
Cyprus was close to Russia for decades, but there has been a marked shift in allegiances in recent years, Reuters said.
For many in Cyprus, Russia's invasion of Ukraine has drawn parallels to Türkiye’s invasion of Cyprus in 1974, and Cyprus, an EU member state, has followed its peers in adopting sanctions on Moscow. It is now getting FBI expertise in countering illicit finance.
Access to the US programs would enable greater interoperability to respond to regional humanitarian crises, counter malign influence, and combat terrorism and transnational organized crime, the US embassy in Nicosia said.
Deepening US-Cyprus relations are closely followed by Türkiye, which in September criticized the signing of a roadmap to boost defense co-operation between the United States and Cyprus.
Cyprus was split in a Turkish invasion following a brief Greek-inspired coup in 1974, following years of sporadic violence between Greek and Turkish Cypriots which triggered the collapse of a power-sharing administration in 1963.