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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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China’s Foreign Minister Warns Philippines over US Missile Deployment

China's Foreign Minister Wang Yi attends the 14th EAST Asia Summit Foreign Ministers' Meeting in the 57th ASEAN Foreign Ministers' Meeting at the National Convention Center, in Vientiane, Laos July 27, 2024. (Reuters)
China's Foreign Minister Wang Yi attends the 14th EAST Asia Summit Foreign Ministers' Meeting in the 57th ASEAN Foreign Ministers' Meeting at the National Convention Center, in Vientiane, Laos July 27, 2024. (Reuters)
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China’s Foreign Minister Warns Philippines over US Missile Deployment

China's Foreign Minister Wang Yi attends the 14th EAST Asia Summit Foreign Ministers' Meeting in the 57th ASEAN Foreign Ministers' Meeting at the National Convention Center, in Vientiane, Laos July 27, 2024. (Reuters)
China's Foreign Minister Wang Yi attends the 14th EAST Asia Summit Foreign Ministers' Meeting in the 57th ASEAN Foreign Ministers' Meeting at the National Convention Center, in Vientiane, Laos July 27, 2024. (Reuters)

Chinese Foreign Minister Wang Yi has warned the Philippines over the US intermediate-range missile deployment, saying such a move could fuel regional tensions and spark an arms race.

The United States deployed its Typhon missile system to the Philippines as part of joint military drills earlier this year. It was not fired during the exercises, a Philippine military official later said, without giving details on how long it would stay in the country.

China-Philippines relations are now at a crossroads and dialogue and consultation are the right way, Wang told the Philippine Foreign Secretary Enrique Manalo on Friday during a meeting in Vientiane, the capital of Laos where top diplomats of world powers have gathered ahead of two summits.

Wang said relations between the countries are facing challenges because the Philippines has "repeatedly violated the consensus of both sides and its own commitments", according to a Chinese foreign ministry statement.

"If the Philippines introduces the US intermediate-range missile system, it will create tension and confrontation in the region and trigger an arms race, which is completely not in line with the interests and wishes of the Filipino people," Wang said.

The Philippines' military and its foreign ministry did not immediately respond to requests for comment on Wang's remarks.

China and the Philippines are locked in a confrontation in the South China Sea and their encounters have grown more tense as Beijing presses its claims to disputed shoals in waters within Manila's its exclusive economic zone.

Wang said China has recently reached a temporary arrangement with the Philippines on the transportation and replenishment of humanitarian supplies to Ren'ai Jiao in order to maintain the stability of the maritime situation, referring to the Second Thomas Shoal.

Philippine vessels on Saturday successfully completed their latest mission to the shoal unimpeded, its foreign ministry said in a statement.