Ukraine hopes to receive next IMF tranche in May - Finance Minister

Source : 112 Ukraine

The fourth tranche was received on 3 April 2017
20:17, 25 January 2018

Ukraine expects to fulfill all of its obligations under the IMF’s Extended Fund Facility before May 2018, which will help receive the next tranche of the loan, Ukraine’s Minister of Finance Oleksandr Danyliuk has said, Interfax-Ukraine reports.

“I hope the conditions will be met by May, maybe earlier,” he said on the sidelines of the Ukraine Breakfast in Davos early on Thursday.

Related: Ukrainian breakfast in Davos: quotes of Poroshenko

Among the most important conditions, Danyliuk mentioned the adoption of the law on Anti-Corruption Court and the appointment of the Head of the National Bank of Ukraine.

The four-year EFF program launched by the IMF in March 2015, amounting to of around $17.25 billion, initially envisaged quarterly reviews of the program. The first tranche of $5 billion, and the next three of around $1.65 billion each to be paid throughout 2015, and smaller quarterly tranches of $0.61 billion in 2016-2018.

Related: Ukraine won’t be able to fulfill debt obligations without IMF, - Mikloš

Despite a slight delay, Ukraine managed to receive the second tranche of $1.7 billion, under this program, in early August 2015. That was followed by a lengthy pause because of the country's failure to meet a number of conditions, political crisis and government reshuffling.

Since the arrival of a new government led by Volodymyr Groysman in April 2016 talks over continued funding have resumed but it was not until mid-September that the IMF decided to allocate the third tranche of $1 billion. The fourth tranche was received on 3 April 2017.

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