The plan should make it possible to "support the gradual economic recovery while creating the conditions for long-term growth in a context of post-conflict reconstruction and on the way to accession to the European Union (EU)," the IMF said in a statement.

The agreement will be presented "in the coming weeks" to the Fund's Board of Trustees for final validation.

"Beyond the horrific human cost, the Russian invasion of Ukraine continues to have a devastating effect on the economy: GDP shrank by 30% in 2022, a large part of the industrial apparatus has been destroyed and poverty has disappeared," said Gavin Gray, head of the IMF mission on the ground.

Despite these difficulties, the Ukrainian government has been able to "maintain financial and macroeconomic stability, notably through substantial international support and sound policies".

In a statement, US Treasury Secretary Janet Yellen "welcomed" the agreement between the institution and Ukraine, adding that the United States "will continue to support the Ukrainian government and people for as long as necessary" vis-à-vis Russia.

US Treasury Secretary Janet Yellen Janet Yellen during a press conference at the IMF on October 14, 2022 in Washington DC © Drew Angerer/GETTY IMAGES NORTH AMERICA/AFP

Ukraine has received significant support since the beginning of the conflict on 24 February 2022, both from the World Bank, which has already granted it more than 20 billion dollars, in the form of loans or grants, and from the United States, more than 110 billion dollars by integrating military support.

A significant portion of these funds have been used to keep public services afloat and pay civil servants' salaries, as well as care for IDPs.

The IMF expects a partial and gradual economic recovery this year, thanks in part to the maintenance of critical infrastructure, such as the electricity grid, which is targeted by Russia.

The IMF logo in front of the Fund's headquarters on April 14, 2020 in Washington DC © NICHOLAS KAMM / AFP/Archives

"The Ukrainian government's objectives are to support the economy in these exceptional circumstances, restore financial credibility in the debt market and support the recovery towards EU membership," Gray stressed.

© 2023 AFP