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Ukraine expects to get $2 billion tranche from IMF in second quarter of 2020

Source : 112 Ukraine

The National Bank of Ukraine believes that the cooperation of the IMF is necessary for the macro-financial stability
18:05, 23 April 2020

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In the second quarter of 2020, Ukraine can count on $2 billion tranche from the International Monetary Fund (IMF) as the National Bank of Ukraine reported.

“Ukraine had come close to the approval of the new cooperation program by the IMF Board of Directors. The renewed prediction of the NBU supposes the receiving of the first tranche of the financing in the sum of about $2 billion in the second quarter,” the message said.

Related: EU offers to create single economic space with Eastern Partnership countries

It is noted that the tranche will allow to cover the shortfall of the state budget, which increased up to 7.5% from the GDP, will facilitate the period of peak debt ratios and will allow to finance measures on the support of business and population during quarantine.

“The financing from the IMF and other official international partners will help to support the international reserves of Ukraine at the level of $27-29 billion during this and the next years,” the message said.

Related: IMF Head speaks on current state of world’s economic crisis

Besides, the National Bank assured that the cooperation with the IMF is the main prerequisite for the conservation of macro-financial stability in Ukraine during the world crisis.

As we reported, the Ukrainian economy will reduce by 5.0% due to the coronavirus pandemic and global crisis.

 

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