## Ukraine: Program Monitoring with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for Ukraine

_IMF Staff Country Reports, December 21, 2022_

## Source details

**Canonical URL:** [Ukraine: Program Monitoring with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for Ukraine](https://www.imf.org/en/publications/cr/issues/2022/12/21/ukraine-program-monitoring-with-board-involvement-press-release-staff-report-and-statement-527288)

## Other formats

- [Markdown version](/en/publications/cr/issues/2022/12/21/ukraine-program-monitoring-with-board-involvement-press-release-staff-report-and-statement-527288/index.md)
- [Structured JSON version](/en/publications/cr/issues/2022/12/21/ukraine-program-monitoring-with-board-involvement-press-release-staff-report-and-statement-527288/index.json)
- [Bundle manifest](/en/publications/cr/issues/2022/12/21/ukraine-program-monitoring-with-board-involvement-press-release-staff-report-and-statement-527288/bundle-manifest.json)

## Bibliographic details
- Published: December 21, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400225727.002

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### Humanitarian and economic impact of the invasion
- 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 and fiscal developments
- 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.

### Monetary policy, exchange rate, and financial measures
- 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.

### Macroeconomic and financial stability, authorities' stance
- 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.

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## Content in this bundle

- **1ukrea2022003 - Executive Summary**
  - [1ukrea2022003 - Executive Summary (Markdown version)](/-/media/files/publications/cr/2022/english/1ukrea2022003.pdf.md){rel="alternate" type="text/markdown"}
  - [1ukrea2022003 - Executive Summary (PDF)](/-/media/files/publications/cr/2022/english/1ukrea2022003.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2022/12/21/ukraine-program-monitoring-with-board-involvement-press-release-staff-report-and-statement-527288_