Ukraine: First Review under the Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Ukraine

Ukraine: First Review under the Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Ukraine
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Volume/Issue: Volume 2023 Issue 248
Publication date: July 2023
ISBN: 9798400247224
$20.00
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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , International - Economics , EU remit regulation , electricity price restriction , staff appraisal , private-sector loan , NBU estimate , reform agenda , Budget planning and preparation , Fiscal risks , Global

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Summary

Russia’s invasion of Ukraine continues to have a devastating economic and humanitarian impact. In addition to the continuing combat in Eastern and Southern parts of Ukraine, air raids on Kyiv and other population centers have been escalating since early May; the recent destruction of the Kakhovka dam has added to the challenges. The war is having a severe impact on human and physical capital, with loss of life, drop in living standards and rise in poverty, as well as infrastructure damages. Despite the resilience of the Ukrainian people and the authorities’ skillful policymaking in maintaining macroeconomic and financial stability, continuous external support is critical to help restore medium-term external viability, prepare the country for post-war recovery and reconstruction, and facilitate Ukraine’s path to EU accession.