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Economy 2019-10-15T04:11:54+03:00
Ukrainian news
IMF To Resume Cooperation Talks With Ukraine In 2nd Half Of September

IMF To Resume Cooperation Talks With Ukraine In 2nd Half Of September

IMF, cooperation, snap parliamentary election, election, parliament, Cabinet of Ministers

The International Monetary Fund (IMF) intends resume talks on cooperation with Ukraine in the second half of September, after the snap parliamentary election scheduled for July 21 and formation of a new Cabinet of Ministers.

A source familiar with the outcome of the recent talks between representatives of Ukraine and the International Monetary Fund disclosed this to Ukrainian News Agency.

"Speaking of resumption of talks, according to the latest importation, the next [IMF] mission can be expected in Kyiv in the second half of September, after the election," he said.

An IMF mission left Ukraine at the end of May this year and stated that it was ready to return after the snap parliamentary election and formation of a new Cabinet of Ministers.

As Ukrainian News Agency earlier reported, the IMF approved a Stand-by loan program worth USD 17.01 billion for Ukraine in late April 2014 and disbursed USD 3.19 billion as the first tranche in early May 2014.

The board of directors of the International Monetary Fund approved disbursement of USD 17.5 billion to Ukraine on March 11, 2015, under the four-year Extended Fund Facility (EFF) loan program, which replaced the Stand By loan program.

The IMF decided to replace the Stand-by loan program with the Extended Fund Facility loan program due to the longer-term requirements of Ukraine’s balance of payments.

Ukraine and the International Monetary Fund reached agreement on a new Stand-By Arrangement (SBA) in October 2018.

The new SBA, with a requested access of SDR 2.8 billion (the equivalent to USD 3.9 billion), will provide an anchor for the authorities’ economic policies during 2019. Building on progress made under the EFF arrangement in reducing macro-economic vulnerabilities, it will focus in particular on continuing with fiscal consolidation and reducing inflation, as well as reforms to strengthen tax administration, the financial sector, and the energy sector.


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