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Ukrainian Finance Ministry expects more than two IMF tranches in 2018

Source : 112 Ukraine

It is too early to begin the negotiations with the IMF on the new program.
15:24, 19 December 2017

zn.ua

The Ministry of Finances of Ukraine expects to get more than two tranches from the International Monetary Fund (IMF) in 2018. Oleksandr Danyluyk, the Minister of Finances claimed this as Ukrainian News reported.

‘I heard that the National Bank expects to get two tranches but I see that we can get more than two tranches’, he reported.

According to Danyluyk, the IMF has the demands to Ukraine such as the creation of the Anti-corruption court, launch of the land market and others.

Related: National Bank of Ukraine: interest rates for foreign currency deposits at record low

Also, Financial Minister thinks that it is too early to begin the negotiations with the IMF on the new program.

‘I do not see any necessity to discuss this. We should successfully close the current program’, he said.

Danyluyk reminded on the necessity to fulfill all demands to continue the current program with the IMF.

‘It is a creation of the Anti-corruption court, land reform and others’, the minister added.

Related: Banking system of Ukraine set world record in size of troubled loans, - National Bank

At the same time, he noted that the agreement of the controversial issue on the pension reform is almost set.

As we reported the National Bank of Ukraine thinks that the substantial delay of the provision of Ukraine with the next tranche from the IMF is the main risk to the financial stability.

Related: National Bank of Ukraine expects arrival of IMF mission in January 2018

The EFF program was opened in March 2015 and it is aimed for four years. The total amount of the program is 17.11 billion dollars. The first tranche of five billion dollars provided the review of the program in every three months. Three tranches of 1.63 billion dollars were allocated in 2015 and the tranches in 2016-2018 should be allocated every three months in the amount of 0.61 billion dollars.

Ukraine fulfilled the major part of the commitments agreed with the EU. However, it did not succeed to fulfill four demands, particularly to remove the ban on the export of the wood-billet the launch of the automatic check of the e-declaration, the law on the credit register of the NBU and check of the information on the eligible beneficiary owners of the companies.   

 

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