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Economy 2020-06-25T04:03:57+03:00
Ukrainian news
Ukraine Expecting IMF To Approve Loan Of USD 5 Billion On June 5

Ukraine Expecting IMF To Approve Loan Of USD 5 Billion On June 5

IMF, Ukraine, tranche, loan

Ukraine expects the International Monetary Fund (IMF) to approve a loan package of USD 5 billion at a board meeting on June 5.

Prime Minister Denys Shmyhal announced this to the Reuters news agency, the Ukrainian News Agency reports.

According to him, Ukraine expects the International Monetary Fund to disburse USD 1.9 billion as the first tranche of this loan the day after the board meeting.

Ukraine needs the money to weather an economic shock caused by the coronavirus pandemic, according to Reuters.

Shmyhal also disclosed a preliminary estimate for economic growth in the second quarter of this year, saying gross domestic product could fall by 12%, Reuters reported.

The prime minister also told Reuters that the government would not restrict wheat exports for the next two months, even though the quota the government previously agreed with traders has been exhausted.

According to the schedule of IMF board meetings, the funs plans to consider an issue related to Papua New Guinea on June 5.

Ukraine is currently not on the agenda.

As Ukrainian News Agency earlier reported, a International Monetary Fund staff team led by Ivanna Vladkova Hollar concluded remote discussions with the Ukrainian authorities on May 21 and reached a staff-level agreement on economic policies for a new 18-month Stand-By Arrangement (SBA).

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