러시아ㆍ유라시아

This paper presents an Ex-Post Evaluation (EPE) of the 2015 Extended Fund Facility (EFF) arrangement with Ukraine. The four-year EFF—amounting to SDR 12.348 billion (900 percent of quota)—was approved in March 2015, after it had become clear that the conflict in the East had pushed Ukraine’s balance of payments and adjustment needs beyond what could be addressed under the 2014 Stand-By Agreement (SBA). The new ambitious program supported by the 2015 EFF was seen by many as a unique opportunity for Ukraine to fundamentally reform its economy.