IMF Decides To Allocate Ukraine USD 1 Billion As Third Tranche Within EFF Program

The International Monetary Fund has adopted a decision to allocate USD 1 billion for Ukraine as the third tranche within the Extended Fund Facility Program.

The International Monetary Fund announced this in a statement, Ukrainian News Agency reports.

The statement reads that the International Monetary Fund has decided to allocate Ukraine SDR 716.11 million (approximately USD 1 billion).

The total sum of funds provided to Ukraine will make close to SDR 5,444.21 million (approximately USD 7.62 billion).

The IMF Executive Board has also endorsed amendments to requirements on the level of net international reserves regarding appearance of new debt on foreign liabilities and on introduction of new currency restrictions.

As Ukrainian News Agency earlier reported, the IMF opened a four-year Extended Fund Facility (EFF) programme of USD 17 billion for Ukraine in March 2015.

In 2015, Ukraine received USD 6.52 billion (two tranches instead of four).

Initially it was planned that the third tranche will make USD 1.7 billion and it was supposed to be allocated to Ukraine in 2015.

The Ukrainian authorities announced then that the International Monetary Fund would adopt a decision on allocation of the third tranche in June 2016.

For Ukraine's failure to meet all conditions the International Monetary Fund cut the third tranche from USD 1.7 billion to USD 1 billion.

Ukraine expects to get two tranches from the International Monetary Fund this year, but a representative of the IMF said there may be only one tranche this year.