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The Ukraine Potential Development Fund, under the coordination of the IMF, has commenced operations

14 Feb, 2024
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The Ukraine Potential Development Fund, under the coordination of the IMF, has commenced operations

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The inaugural meeting of the Steering Committee of the Ukraine Capacity Development Fund (UCDF) took place in Kyiv. This fund will finance expanded technical assistance for reform efforts by the Ukrainian government under the coordination of the International Monetary Fund. The National Bank of Ukraine press service reported this development.

"The start of operations of the IMF's Ukraine Capacity Development Fund in Kyiv today marks a key milestone in the multilateral efforts to support the ambitious economic reform program of the Ukrainian government," said Kristalina Georgieva, Managing Director of the IMF.

Participants of the meeting approved the initial work plan of the UCDF along with its financing of $27.5 million, covering IMF technical assistance and partners' support for 2024-2028. The current resources of $16.5 million are provided by donor countries such as the Netherlands, Slovakia, Latvia, Japan, and Lithuania. Meanwhile, the IMF is working to increase the funding budget to $65 million.

According to the Governor of the NBU, Andriy Pysaruk, the approved UCDF work plan focuses on key economic and financial reforms, including financial sector regulation and monetary policy.

"The UCDF has started its work and is ready to provide assistance to Ukrainian authorities within the framework of the IMF's capacity-building activities," said Gavin Gray, head of the IMF mission in Ukraine, during his speech.

The meeting on February 13 was attended by the Governor of the NBU, Andriy Pysaruk, and his deputies, Finance Minister Serhiy Marchenko, the IMF team led by Uma Ramakrishnan, Deputy Director of the IMF's European Department, and Gavin Gray, head of the IMF mission in Ukraine, as well as representatives of Ukrainian government agencies and international development partners.

The Odessa Journal

The Odessa Journal

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