The IMF had approved an economic monitoring program for Ukraine which could help Kyiv secure funding from donors, with the war-torn country needing more than $40 billion this year.
The monitoring program "is designed to help Ukraine maintain stability and catalyze donor financing amid very large balance of payment needs and exceptionally high risks," following the Russian invasion, the International Monetary Fund said in a statement.
Ukrainian authorities are committed to economic and financial reforms, concerning in particular tax collection, the domestic debt market, transparency and the independence of the central bank, the IMF said.
They have four months to prove their progress as per the Program Monitoring with Board involvement (PMB) scheme, the statement said.
The framework of measures monitored by the IMF aims to pave the way for financing, which can "come from many sources," said Gavin Gray, the IMF's head of mission for Ukraine.
Ukraine needed between $40 billion and $57 billion to cover its budgetary and operating needs for 2023, Gray said.
Following the IMF's recommendations would "give the donors the confidence to provide resources," he said.
Russia's invasion "continues to have a devastating social and economic impact on Ukraine," with mounting civilian casualties and a third of the population displaced, IMF First Deputy Managing Director Gita Gopinath said in a statement.
