IMF chief Georgieva to meet with Ukraine’s Zelenskiy on Monday: IMF spokesperson

WASHINGTON: International Monetary Fund (IMF) chief Kristalina Georgieva will meet with Ukrainian President Volodymyr Zelenskiy in Washington on Monday, an IMF spokesperson said, as the fund’s executive board prepared to release more funds from the country’s $15.6 billion loan program.

An IMF spokesperson confirmed Georgieva’s meeting with Zelenskiy, but gave no time for that meeting or the meeting where the IMF board will review Kyiv’s progress on a four-year Extended Fund Facility loan approved earlier this year.

The IMF last month announced a staff-level agreement with Ukraine on updated economic and financial policies, paving the way for a $900 million disbursement, once it is finalized by the board.

IMF mission starts second review of Ukraine programme

At the time, the IMF said the Ukrainian economy continued to show “remarkable resilience” despite Russia’s invasion in February 2022, with recent developments pointing to a stronger-than-expected economic recovery in 2023 and continued growth in 2024.

Zelenskiy is also scheduled to meet with U.S. President Joe Biden and top congressional officials while in Washington as he seeks to shore up support for continued U.S. security assistance to help Kyiv continue its fight against Russia’s invasion.

Ukraine has received more than $68.5 billion in budgetary support since the war started, finance ministry data shows.

Its government expects a budget deficit of about $43 billion in 2024 and plans to cover it with domestic borrowing and financial aid from its Western partners.

But Ukrainian officials are growing worried about the certainty of financing, and some analysts predict Western aid could start diminishing next year.