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Ukraine, IMF preliminarily agree on new stand-by funding programme

Source : 112 Ukraine

It is worth five billion U.S. dollars; the Fund and its executive board are supposed to approve the deal in the coming weeks
08:05, 22 May 2020

Open source

On May 21, the team of the IMF workers reached the preliminary decision with Ukraine's government on the new 18-months-long stand-by funding programme. The IMF mission in Ukraine was led by Ivanna Vladkova-Hollar. The Fund's press office reported that on early May 22.  

“The International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff-level agreement on economic policies for a new 18-month Stand-By Arrangement (SBA). The new SBA, with a requested access of SDR 3.6 billion (equivalent to US$5 billion), aims to provide balance of payments and budget support to help the authorities address the effects of the COVID-19 shock, while consolidating achievements to date, and moving forward on important structural reforms to reduce key vulnerabilities. This will ensure that Ukraine is well-poised to return to growth and resume broader reform efforts when the crisis ends. The arrangement is also expected to catalyze additional bilateral and multilateral financial support", Vladkova-Hollar said asfter the successful negotiation with the Ukrainian side.

Related: Zelensky announces signature of Ukraine-IMF memorandum this month

The program is worth five billion U.S. dollars.

The Fund and its executive board are supposed to approve the deal in the coming weeks.

The Ukrainian side expects the first tranche by the end of this month.

Related: Ukrainian govt expects to receive first tranche from IMF by end of May

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