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IMF, Ukraine agree to revise the Stand-By lending program

Source : 112 Ukraine

Completion of the first review of the Stand-By program will provide Ukraine with a tranche of $700 million
08:42, 19 October 2021

Open source

The International Monetary Fund (IMF) has completed its mission in Ukraine headed by Ivanna Vladkova-Hollar, following which an agreement was reached with Kyiv to revise the Stand-By lending program as the IMF reported.

“IMF staff team and Ukrainian authorities reached a staff-level agreement on policies to support the country’s reforms in the context of the Stand-by Arrangement (SBA),” the message says.

Related: Timing of IMF mission arrival in Ukraine becomes known

It opens the way for a first review of the Standby Lending Agreement (SBA) and consideration by the IMF Executive Board of a request for a program extension.

The completion of the first review of the Stand-By program will provide Ukraine with a tranche of 500 million SDRs (Special Drawing Rights, SDR), or about $700 million.

Related: Ukraine-IMF discusses risks due to growth of gas prices, - Finance Minister

The IMF mission headed by Ivanna Vladkova-Hollar started in Ukraine on September 21.

Earlier, Ukraine’s Prime Minister Denys Shmygal stated that another tranche from the International Monetary Fund in the sum of $750 million should arrive in Ukraine at the end of November or the beginning of December.

Related: IMF warns of pandemic risks to global economy

In June 2020, the IMF approved a stand-by program for Kyiv with a total volume of about $ 5 billion, immediately allocating the first tranche of funding in the amount of $ 2.1 billion. Four reviews of the implementation of the program conditions were scheduled for the allocation of the remaining four tranches. However, the agreed schedule was violated, and funding was suspended due to Ukraine's failure to fulfill a number of obligations.

 

 

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