The International Monetary Fund (IMF) will approve a $ 5 billion assistance program for Ukraine at a board meeting on June 5, as the Prime Minister Denys Shmygal stated in a comment for Reuters news agency.
The first tranche of $ 1.9 billion, he said, will be allocated the next day, June 6.
Schmigal said in a conversation with the agency that Ukraine needs IMF money to withstand the economic shock in connection with the coronavirus pandemic. He said that according to preliminary estimates, Ukraine’s GDP in the second quarter could fall by 12%.
As we reported before, President of Ukraine Volodymyr Zelensky held a telephone conversation with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva.
Georgieva welcomed the adoption of a law to improve banking regulatory mechanisms, noting that he protects taxpayers in Ukraine. She also said that the approval by the IMF Board of Directors of the first tranche of the agreed stand-by program for the next 18 months would take place in the near future.