Ukraine receives first tranche of 2.7 billion dollars financial aid from IMF

The IMF approved a new four-year extended arrangement under the Extended Fund Facility (EFF) of around USD 15.6 billion as part of a USD 115 billion.

Ukraine has received the first tranche of USD 2.7 billion from a new International Monetary Fund (IMF) EEF program, CNN reported quoting Ukrainian Finance Minister Sergii Marchenko.

The International Monetary Fund. (REUTERS)

"Today Ukraine received the first $2,7bn tranche under the new @IMFNews EFF program. Grateful to our partners for supporting Ukraine on the way to victory," Sergii Marchenko said in a tweet

On Friday, the IMF approved a new four-year extended arrangement under the Extended Fund Facility (EFF) of around USD 15.6 billion as part of a USD 115 billion total support package for Ukraine.

The goal of the program announced by IMF is to "anchor policies that sustain fiscal, external, price and financial stability and support economic recovery, while enhancing governance and strengthening institutions to promote long-term growth in the context of post-war reconstruction and Ukraine's path to EU accession," as per the CNN report. The program also helps Ukraine to have "more ambitious structural reforms."

On March 31, IMF in a statement said, "The Executive Board of the International Monetary Fund (IMF) approved today a 48-month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 11.6 billion (577 per cent of quota or about US$15.6 billion). This arrangement is part of a US$115 billion total support package for Ukraine. The Executive Board's decision allows the immediate disbursement of around SDR 2 billion (or US$2.7 billion)."

Meanwhile, Norway and Denmark will cooperate to provide 8,000 artillery rounds to Ukraine, CNN reported citing the Norwegian government's statement. The Norwegian government in a statement said, "Norway donates the shells, while Denmark donates the associated fuzes, propellant bags and primer cartridges." This comes amid the ongoing conflict between Russia and Ukraine.

Ukrainian President Volodymyr Zelensky expressed gratitude to Danish and Denmark governments for their announcement. He tweeted, "Grateful to the Danish and Norwegian governments led by @Statsmin and @jonasgahrstore for the joint initiative to transfer an additional batch of artillery shells to Ukraine. Timely military assistance from partners is the key to bringing our joint victory closer!"

Meanwhile, Poland has delivered "several" MiG-29 fighter aircraft to Ukraine, the Polish President's foreign affairs adviser Marcin Przydacz said in an interview with Polish radio RMF FM, CNN reported. Earlier on March 16, Poland said that Warsaw will send the aircraft, which were about to be decommissioned by the country's air force.

At that time, Polish President Andrzej Duda said that Poland is still using Mi-29 aircraft in the defence of Polish airspace, as per the CNN report. Duda said that Poland can announce with confidence that Warsaw will send MiGs to Ukraine.