Funds from IMF to be directed to cover budget deficit of Ukraine, - National Bank Head

Source : 112 Ukraine

According to Smoliy, this year the IMF tranche may reach approximately $ 3.5 billion
20:07, 16 May 2020
Yakiv Smoliy, Head of the National Bank of Ukraine
By prior arrangement, all the amounts that Ukraine has discussed with the IMF and other donors will be allocated to the state budget to cover the deficit. This was announced by the chairman of the National Bank Yakiv Smoliy in an interview with BBC Ukraine.

"That is, if in previous years, part of the funds went to the Ministry of Finance, and the other went to the National Bank's international reserves, then under this program everything will go to cover the deficit," he said.

At the same time, Smoliy added that “although formally this financing will be taken into account in reserves, therefore, at ita expense we expect an increase in reserves to $ 27.3 billion this year.”
Related: Ukraine expects $10 billion of income from labor migrants this year

We recall, the head of the National Bank also said that the first tranche from the IMF could come to Ukraine in May or in the first week of June.

According to him, the Verkhovna Rada has now registered several resolutions that block the signing of the law on banks, "there are several days, after which the deputies must decide and vote, as it seems to me, to cancel these decisions."

Smoliy noted that the possible cancellation of the decisions will allow the speaker to sign the law and send it to the president for signature. And this could happen next week.

"Accordingly, after the law is signed by the president, a meeting of the IMF Board of Directors will be announced. The mission that worked in Ukraine has all the documents ready, they will pass them on to the board meeting. The Board will make a decision.

After the decision is made, it can take one to two days to transfer the first tranche. That is, if we expand all the time frames, then in May we can get the first tranche. Or the first week of June. I always take a little reserve so that my assumptions are justified," the head of the National Bank emphasized.

Related: Eurointegration Committee sends Shmygal's government program for revision

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