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All funds of IMF tranche to go to reserves of National Bank, - Finance Minister

Source : 112 Ukraine

The government expects that IMF will move to the choice of the date when it will submit the issue of the approval of the new program with Ukraine to the consideration of its Council
15:45, 23 November 2018

112 Agency

No matter how much funds will be received from the International Monetary Fund (IMF) within the next tranche, all of them will go to the reserves of the National Bank of Ukraine. Oksana Markarova, the Finance Minister of Ukraine made such statement as 112 Ukraine reported.

“The IMF Funds, no matter how much of them will be received within the first tranche, will go to the reserves of the National Bank of Ukraine. And the point, which is extremely important, it is one more plus to the macroeconomic stability but the greatest hopes of the Finance Ministry in another: the approval of the program will open to us the possibility to receive the macro-financial aid from the EU,” she noted.

Related: IMF wants Ukraine's 2019 state budget adjusted

Markarova also specified that the government expects to get the financial aid from the EU in 2018. The issue is about 500 million euro.

“I expect that in the nearest future we will be able to move on to the choice of the date when the IMF will submit the issue of the approval of the new program with Ukraine to the consideration of its Council,” she noted.

Related: Ukraine's cooperation with IMF improves economic prospects, - EBRD

Markarova reminded that Ukraine is in the process of the fulfillment of two key issues in the negotiations on the allocation of the next tranche of the IMF, the budge of the country for 2019 was adopted by the Verkhovna Rada of Ukraine today and earlier the issue of the increase of the gas prices was solved.

Earlier Volodymyr Groysman, the Prime Minister of Ukraine said that the authorities of Ukraine plan to get a new tranche from the International Monetary Fund (IMF) in December 2018. 

Related: IMF ready to approve new programme for Ukraine after heating tariffs hike

The credit program for Ukraine in the amount of $17.01 billion was approved by the IMF at the end of April 2014, and the first tranche of Stand-By Arrangement loan in the amount of $ 3.19 billion was granted in early May.

In March 2015, the Board of Directors of the International Monetary Fund approved the allocation of $ 17.5 billion to Ukraine under the 4-year EFF (Extended Fund Facility) program instead of the SBA program.

Related: Good news: Ukraine finally gets new IMF agreement

The SBA program has been replaced by the Extended Fund Facility due to the longer need of the balance of payments of Ukraine.

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