"I am pleased to announce that the IMF team has reached a staff-level agreement with the Ukrainian authorities on a four-year IMF-supported program, with access requested of SDR 11.6 billion (US$15.6 billion), or 577% of Ukraine’s quota," IMF delegation chief Gavin Gray said in a statement on Tuesday.
The agreement is subject to approval by the IMF executive board, which is expected to meet in the coming weeks to consider it.
Gray said the IMF expects to see a gradual economic recovery in Ukraine, noting that economic activity is improving in many sectors, including in critical infrastructure.
However, developing a single baseline outlook scenario under exceptionally high uncertainty is exceedingly challenging, as a range of outcomes are plausible, Gray said.
"On that basis, staff currently sees real GDP growth for 2023 ranging from -3 to +1 percent," Gray said, adding that the IMF-supported program is based on a two-phased approach.
US Treasury Secretary Janet Yellen issued a separate statement in which she welcomed the IMF announcement. The agreement came about as a result of long-term collaborative work between the IMF and the Ukrainian government, Yellen added.