## IMF Managing Director Kristalina Georgieva’s Statement to the Financial Community on Ukraine

_IMF News, August 9, 2024_

## Source details

**Canonical URL:** [IMF Managing Director Kristalina Georgieva’s Statement to the Financial Community on Ukraine](https://www.imf.org/en/news/articles/2024/08/09/pr24304-ukraine-imf-md-statement-members-financial-community)

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## Bibliographic details
- Published: August 9, 2024

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### IMF-supported program and financing
- The IMF’s financing for the program totals US$15.6 billion.
- This IMF financing is part of a broader US$122 billion external support package to Ukraine comprising contributions from both the official and private sector.
- The program aims to sustain economic and financial stability at a time of exceptionally high uncertainty, restore debt sustainability, and promote Ukraine’s advancements on the path toward EU accession.

### Debt strategy and creditor actions
- The Ukrainian authorities’ strategy to restore debt sustainability involves:
  - treatments of both official and external commercial debt;
  - continued external financing on concessional terms; and
  - fiscal consolidation (described as revenue-based fiscal consolidation).
- Ukraine’s official creditors, as represented by the Group of Creditors of Ukraine (GCU), have agreed to a debt service standstill until the end of the Fund-supported program, and a commitment to deliver a final debt treatment as required to restore debt sustainability by the final review of the program.
- Ukraine’s external commercial creditors agreed to a debt service standstill until August 2024.
- The Ukrainian authorities indicated their intention to complete a debt treatment with their external commercial creditors prior to the end of this debt service standstill.

### Agreement with the Ad Hoc Creditor Committee and IMF assessment
- A recent agreement was reached between the Ukrainian authorities and the Ad Hoc Creditor Committee of holders of Ukraine’s Eurobonds and a set of guaranteed Ukravtodor bonds.
- IMF staff assesses the terms of this agreement to be in line with the debt sustainability objectives of the IMF-supported program.
- The Group of Creditors of Ukraine (GCU) is also of the view that the agreement complies with the comparability of treatment expected by them.
- The IMF statement notes that, together with the full implementation of the Ukrainian authorities’ restructuring strategy, the successful implementation of this agreement will:
  - provide significant debt service relief;
  - create room for critical spending and supporting growth; and
  - further contribute to Ukraine’s efforts to bring debt burdens to sustainable levels.

### Ukrainian commitments, reforms, and conditionality
- The Ukrainian authorities have committed to remain engaged with creditors, and to be ready to undertake a further restructuring as necessary to ensure debt sustainability is secured by the end of the program.
- The Ukrainian authorities have demonstrated their capacity to put in place sound policies and pursue an ambitious reform agenda, including:
  - a revenue-based fiscal consolidation; and
  - structural reforms to support sustained growth.
- The statement emphasizes that continued support from:
  - Ukraine’s official creditors and donors, and
  - other international financial institutions,
  together with the participation of bondholders in this debt operation, is critical to the success of this reform agenda.

*IMF Managing Director Kristalina Georgieva’s Statement to the Financial Community on Ukraine — August 9, 2024.*

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## References

- [https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)
- [Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)
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- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2024/08/09/pr24304-ukraine-imf-md-statement-members-financial-community_