Ukrainian Prime Minister Denys Shmyhal said on Monday that an International Monetary Fund mission had begun conducting a fifth review of a programme of credits to ensure Kyiv’s compliance with the IMF’s requirements.

Shmyhal, writing on the Telegram messaging app, said he had discussed the terms of the mission to examine the IMF’s Extended Fund Facility with the Director of the Fund’s European Department, Alfred Kammer.

He said successful completion of the review would enable Ukraine to secure $1.1 billion in new financing in the coming months.

IMF mission starts second review of Ukraine programme

“We discussed the introduction of reforms and implementationof structural indicators. Progress has been noted in this direction,” Shmyhal wrote.

“Ukraine works systematically with its partners in upholding macro-financial stability.”

The fourth review of the Fund’s $15.6 billion EFF programme was completed over the summer months.

Kyiv has been looking for ways to increase revenue streams for its economy two and a half years into Russia’s invasion and plug the 2024 budget deficit.

Ukraine announced last month that international bondholders had formally approved its plan to restructure over $20 billion of debt amid the war.

The deal slashes the face value of Ukraine’s international bonds by more than a third and keeps it onside with the IMF, its key support provider.