The Board of Directors of the International Monetary Fund has approved the allocation of a tranche of $700 million to Ukraine, Prime Minister of Ukraine Denys Shmygal announced in his Telegram-channel.
"The IMF Board of Directors has approved the allocation of a tranche of $700 million to Ukraine. Having made progress in implementing reforms, we have reaffirmed Ukraine's status as a reliable and responsible partner," the statement reads.
The Prime Minister noted that the funds will be used to maintain the stability of the financial system and combat the effects of Covid-19.
In June 2020, the IMF approved a stand-by program for Kyiv totaling about $5 billion, immediately allocating the first tranche of financing in the amount of $2.1 billion. Four reviews of the implementation of the Program conditions were planned to allocate the other four tranches. However, the agreed schedule was violated and funding was suspended due to Ukraine's failure to meet a number of obligations.
On October 19, The International Monetary Fund (IMF) has completed its mission in Ukraine headed by Ivanna Vladkova-Hollar, following which an agreement was reached with Kyiv to revise the Stand-By lending program.