IMF, Ukraine reach staff level agreement on new SBA over COVID-19 pandemic.

Board consideration is expected in the coming weeks.

REUTERS

REUTERS

An International Monetary Fund (IMF) staff team led by Ms. 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).

"The International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff-level agreement on economic policies for a new 18-month Stand-By Arrangement (SBA)," Vladkova Hollar said in a statement at the conclusion of the discussion.

Read alsoZelensky signs into law IMF-required bill on banks

The new SBA, with a requested access of SDR 3.6 billion (equivalent to US$5 billion), aims to provide balance of payments and budget support to help the authorities address the effects of the COVID-19 shock, while consolidating achievements to date, and moving forward on important structural reforms to reduce key vulnerabilities.

"This will ensure that Ukraine is well-poised to return to growth and resume broader reform efforts when the crisis ends. The arrangement is also expected to catalyze additional bilateral and multilateral financial support," the statement said.

The agreement is subject to approval by Fund Management and the IMF Executive Board.

Board consideration is expected in the coming weeks.

Related news

OPEC, allied nations agree to extend oil production cut until end of July.

The curbed output represents some 10 per cent of the world's overall supply.

Ukrainians sell US$48.6 mln more currency than they buy in May

The sales have been exceeding the purchases for the sixth month in a row.

Ukreximbank's Supervisory Board open to crisis calls from customers, encourages them to official, transparent communication.

The Supervisory Board of the State Export Import Bank (Ukreximbank, Kyiv) welcomes open communication by the Bank's clients and is ready to attend to any matters brought to the attention of the Supervisory Board through the Bank's official communi...

1 1

Ukraine's hryvnia strengthens to UAH 26.60 to U.S. dollar on June 9

The official forex rate against the euro for Tuesday is fixed at UAH 30.15 per euro.

DTEK Energy posts UAH 7.5 bln net loss in Q1 due to crisis in energy sector – report

DTEK Energy received a net loss of UAH 7.492 billion with revenue of UAH 12.78 billion in January-March 2020, the group said in its report released on Friday.

By continuing to browse World News (UAZMI), you acknowledge that you have read the Terms of Use and agree to the use of cookies