Whether Gazprom will secure the necessary German and EU authorisations to proceed with the pipeline is not yet certain.

The country's government approved a draft budget for 2022 with a deficit of 3.5 percent of gross domestic product (GDP), down from 5.5 percent expected this year.

The country's gross domestic product (GDP) grew by 2.1 percent year-on-year in January-July compared to a 6.1 percent contraction in the same period last year.

When the Soviet Union collapsed and Ukraine became an independent state, the opportunity to create a new economic reality for its citizens was missed by the government and policymakers. The delayed reorientation toward a market-based energy policy resulted in decades of corruption and dependence on Russia.

The IMF agreed a $5 billion standby arrangement with Ukraine in June 2020 and an initial tranche of $2.1 billion was rapidly disbursed.