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IMF approves 18-month-long stand-by funding programme for Ukraine

Source : 112 Ukraine

2.1 of 5 billion dollars coud be paid immediately, and the rest will be redistributed in four stages and paid gradually
08:03, 10 June 2020

Open source

The Executory Board of the International Monetary Fund has approved the 18-month-long stand-by funding programme for Ukraine. The Ukrainian government will, thus, get the access to 3.6 billion SDR (about five billion dollars), the Fund's press office says.

"The new program aims to help Ukraine to cope with COVID-19 pandemic challenges by providing balance of payments and budget support, while safeguarding achievements to date and advancing a small set of key structural reforms, to ensure that Ukraine is well-poised to return to growth when the crisis ends", reads the message.

The new deal replaces the SBA programme, that was approved in December 2018; it was supposed to support the Ukrainian economy due to the presidential and parliamentary elections in this country.

Related: IMF to consider Ukraine's Stand-by loan application on June 9

"Policies under the new arrangement will focus on four priorities: (i) mitigating the economic impact of the crisis, including by supporting households and businesses; (ii) ensuring continued central bank independence and a flexible exchange rate; (iii) safeguarding financial stability while recovering the costs from bank resolutions; and (iv) moving forward with key governance and anti-corruption measures to preserve and deepen recent gains", the IMF press office specified.

2.1 of 5 billion dollars coud be paid immediately, and the rest will be redistributed in four stages and paid gradually.

Related: IMF loan to let Ukraine cover up for budget deficit, - Finance Minister

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