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Economy 2019-09-15T04:07:12+03:00
Ukrainian news
NBU Expecting To Receive USD 2 Billion From IMF On New Program In Q4

NBU Expecting To Receive USD 2 Billion From IMF On New Program In Q4

The National Bank expects to receive a tranche from the International Monetary Fund in the amount of USD 2 billion under the new cooperation program in the fourth quarter.

The deputy chairman of the National Bank of Ukraine Dmytro Solohub has said this at a briefing, Ukrainian News Agency reports.

"In the fourth quarter, we expect that there will be a new program with the IMF, it will begin and Ukraine will receive USD 2 billion this year and USD 2 billion in each of the following years as part of the structural financing program," the deputy chairman said.

He added that if this allocation happens a little earlier and a little later, then it will not affect macroeconomic indicators, except for gold and foreign currency reserves.

Solohub also stressed that cooperation with the IMF is important for Ukraine not only in terms of obtaining credit funds, since it leads to a decline in the yield on Ukrainian debt, an increase in investor interest and the receipt of funds from other institutional creditors.

As Ukrainian News Agency earlier reported, the 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.

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.

Earlier, the NBU predicted that Ukraine will receive two tranches from the IMF in 2019.

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