The International Monetary Fund on Friday announced a staff-level agreement with Ukraine on updated economic and financial policies, paving the way for authorities to draw $900 million from its $15.6 billion lending programme once approved by the board.
The lender said its executive board was expected to consider the agreement in coming weeks.
The Washington-based lender had approved funding worth $890 million in June after completing the first review of the extended arrangement under the Extended Fund Facility for Ukraine.
In March, Ukraine secured $15.6 billion from the IMF as part of a four-year comprehensive loan programme, which is part of the $122 billion total support package for the country.
“Ukraine met all quantitative performance criteria set for the end of June, and indicative targets for the end of September, as well as most of the structural benchmarks set under the IMF’s Extended Fund Facility programme, reflecting the authorities’ continuing commitment to the overall reform agenda,” Gavin Gray, the IMF official who led discussions with Ukrainian officials in Poland from November 6 to 10, said.
“Programme performance has been broadly on track despite the extremely challenging backdrop.”
Ukraine’s economy shrank by about 29 per cent last year and the fluidity of the conflict means an uncertain economic outlook.
Damage to the country’s infrastructure was estimated at $138 billion as of December 2022, equal to 70 per cent of its gross domestic product in 2021, according to the Kyiv School of Economics.
In February, Moody’s Investors Service downgraded Ukraine’s rating deeper into junk, or non-investment grade territory, as a result of the mounting pressure on its finances.
In a June report, Fitch Ratings, which also maintains a non-investment-grade rating on Ukraine, projected that the country’s economy would grow by 3.5 per cent in 2023 and 4 per cent in 2024.
The IMF said the Ukrainian economy continued to show “remarkable resilience” despite Russia’s invasion in February 2022, and said recent economic developments pointed to a stronger-than-expected economic recovery in 2023 and continued growth in 2024, as well as substantial disinflation.
IMF staff upgraded their forecast for real GDP growth in 2023 to 4.5 per cent from the previous range of 1 per cent to 3 per cent, but expected growth to soften to a range of 3 per cent to 4 per cent in 2024, Mr Gray said.
However, the outlook remains extremely uncertain as exceptionally high war-related uncertainty persists, he added.
“The war in Ukraine continues to have a devastating impact on the population and the economy as attacks on critical infrastructure and air strikes continue countrywide,” he said.
“Furthermore, Russia’s termination of the Black Sea Grain Initiative and destruction of ports have impeded Ukraine’s exports. Despite this, macroeconomic and financial stability have been maintained, thanks to prudent policymaking as well as steady and timely external support.”
But Ukraine’s fiscal deficit remained very high, reflecting the economic and social cost of the war, which left it with large, continuing financing needs, according to Mr Gray.
To help meet these spending needs, key priorities include enacting a law to fully restore tax audits and launching the National Revenue Strategy in December, the IMF said.
The authorities need to stand ready to take additional revenue measures and should continue their efforts to mobilise financing from the domestic bond market, the fund recommended.
Timely disbursement of committed external support will be critical for budget financing and macroeconomic stability, the fund said.
Ukraine-Russia conflict – in pictures
“Steadfast implementation of structural reforms, including in governance, anti-corruption and public investment management, will be crucial in laying the foundations for strong and sustained growth, and support Ukraine on its path to EU accession,” Mr Gray said.
“Efforts to strengthen the governance of state-owned enterprises should continue. In addition, to support anticipated recovery and reconstruction spending, it will be important to ensure mechanisms for managing donor funding are integrated in budget processes.”
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Killing of Qassem Suleimani
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
Why are you, you?
Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.
Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.
Ben Okri,
Mobile phone packages comparison
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
TALE OF THE TAPE
Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm
Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm
Turkish Ladies
Various artists, Sony Music Turkey
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
