IMF head announces increase in program for Ukraine when bills on withdrawal of banks, land market adopted.

Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva has reported on a very good progress in negotiations with Ukrainian authorities about the new EFF program and the possibility of its increase in case of adoption of bills on the land market and regulation of banking activities (the so-called anti-Kolomoisky bill No. 3260).

"This last week, very good progress has been made in the discussions with the Ukrainian authorities on the new Extended Fund Facility (EFF) arrangement. Adoption of legislation to improve the bank resolution framework and on land reform would allow moving forward quickly with finalizing the parameters of the new arrangement, with larger access than previously envisaged," she said.

As reported, President of Ukraine Volodymyr Zelensky, the National Bank and the former government in early December 2019 agreed with the IMF management on opening a new three-year EFF program worth $5.5 billion. A positive IMF decision will also allow the government to receive macro-financial assistance from the EU (EUR500 million) and a loan from the World Bank (up to $1 billion).

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