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KYIV: An International Monetary Fund monitoring mission started work on Monday on the second review of a $15.6 billion multi-year loan program for Ukraine.

Vahram Stepanyan, IMF’s resident representative, said in a statement that the discussions with the Ukrainian government would be held on recent economic developments and fiscal, financial and structural policies.

US announces new military assistance package for Ukraine valued at $250 million

The IMF’s four-year programme for Kyiv is part of a $115-billion global package to support the economy as Ukraine battles Russia’s invasion. Ukraine’s economy has been hit by the 19-month-old war and the government has relied heavily on Western aid to finance social and humanitarian payments.

The government has said Ukrainian businesses have adjusted to the new wartime reality and that the economy has been recovering more quickly than expected this year.

“After a decline of 29.1% last year, today we see a gross domestic product growth,” Yulia Svyrydenko, economy minister, said in a post on Facebook. “Now we can say with confidence that the economy has adapted to force majeure conditions.

We predict that the positive trend will continue.“ Official statistics showed that GDP grew by 19.5% in the second quarter of the year compared with the same period a year earlier.

The economy ministry expects the economy to grow by about 4% this year and by up to 5% next year.

Ukraine has already received about $3.6 billion from the IMF so far this year, according to finance ministry data.

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