{
  "title": "Ukraine: Program Monitoring with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for Ukraine",
  "publication": "IMF Staff Country Reports, December 21, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/12/21/ukraine-program-monitoring-with-board-involvement-press-release-staff-report-and-statement-527288",
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  "summary": "Russia’s invasion of Ukraine continues to have a devastating social and economic impact on the country. Civilian casualties are mounting, over a third of the population has been displaced, and access to basic needs such as electricity, water, and heating are at risk while winter is coming.",
  "sections": [
    {
      "heading": "Humanitarian and economic impact of the invasion",
      "content": "- Russia’s invasion of Ukraine continues to have a devastating social and economic impact on the country.\n- Civilian casualties are mounting.\n- Over a third of the population has been displaced.\n- Access to basic needs such as electricity, water, and heating are at risk while winter is coming."
    },
    {
      "heading": "Macroeconomic management and fiscal developments",
      "content": "- Macroeconomic management has been exceedingly difficult.\n- The fiscal deficit has ballooned to accommodate a large expansion of defense spending.\n- Defense spending has been financed by a combination of external support and monetization, with multiple supplementary budgets since the start of the war."
    },
    {
      "heading": "Monetary policy, exchange rate, and financial measures",
      "content": "- The inflation targeting regime was replaced by a hard peg to the US dollar.\n- The hard peg is supported by FX controls and a sizeable increase in policy interest rates.\n- The exchange rate has come under episodic pressure (and was devalued by 25 percent in July), despite sizable external financing."
    },
    {
      "heading": "Macroeconomic and financial stability, authorities' stance",
      "content": "- Notwithstanding the strains described above, the authorities have largely managed to maintain macroeconomic and financial stability.\n- The authorities are committed to take necessary measures to preserve stability.\n\n---\n\n Content in this bundle\n\n- 1ukrea2022003 - Executive Summary\n  - 1ukrea2022003 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1ukrea2022003 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 21, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400225727.002",
    "Russia’s invasion of Ukraine continues to have a devastating social and economic impact on the country.",
    "Civilian casualties are mounting.",
    "Over a third of the population has been displaced.",
    "Access to basic needs such as electricity, water, and heating are at risk while winter is coming.",
    "Macroeconomic management has been exceedingly difficult.",
    "The fiscal deficit has ballooned to accommodate a large expansion of defense spending.",
    "Defense spending has been financed by a combination of external support and monetization, with multiple supplementary budgets since the start of the war.",
    "The inflation targeting regime was replaced by a hard peg to the US dollar.",
    "The hard peg is supported by FX controls and a sizeable increase in policy interest rates.",
    "The exchange rate has come under episodic pressure (and was devalued by 25 percent in July), despite sizable external financing.",
    "Notwithstanding the strains described above, the authorities have largely managed to maintain macroeconomic and financial stability.",
    "The authorities are committed to take necessary measures to preserve stability.",
    "**1ukrea2022003 - Executive Summary**"
  ],
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