IMF board completes Ukraine loan review, allowing $890 mln withdrawal

The International Monetary Fund's executive board on Thursday completed its first review of Ukraine's $15.6 billion loan program, allowing Kyiv to immediately withdraw $890 million for budget support as it mounts a major offensive against Russia's invasion.

The board's approval brings Ukraine's withdrawals under the program launched on March 31 to around $3.6 billion so far.

The IMF said Ukrainian authorities have made "strong progress" toward meeting reform commitments under "challenging conditions," meeting quantitative performance criteria through April and structural benchmarks through end June.