IMF expects more progress from Ukraine to unlock aid.

REUTERS

REUTERS

The International Monetary Fund expects more progress from Ukraine in order for the country to receive the second tranche under the current Stand-By Arrangement.

That's according to IMF spokesperson Gerry Rice who spoke at a briefing Thursday.

Read also Final version of memo with IMF not drafted yet – finance minister Some progress has been made, the official has admitted, adding that more is needed to complete the first revision of the SBA.

According to Rice, the discussions with Ukraine are continuing about achieving the goals necessary for the disbursement of the second tranche of the loan.

Earlier, IMF spokesman Gerry Rice said Ukraine needed to make more efforts to ensure stability of the financial system, independence of the central bank, the fight against corruption, and other reforms agreed with the Fund.

IMF and Ukraine

  • On June 9, 2020, the IMF's Executive Board adopted an 18-month Stand-By Arrangement (SBA) worth SDR 3.6 billion, or about US$5 billion, aimed at helping Ukraine overcome the consequences of the COVID-19 pandemic.
  • On June 12, Ukraine received the first IMF disbursement worth US$2.1 billion under the SBA.
  • In late November, the Finance Ministry reported on the successful completion of talks with the IMF on benchmarks of the draft budget for 2021, which was one of the major prerequisites for starting the SBA review.
  • On January 11, 2021, an IMF mission resumed work in Kyiv, they worked until February 12 but departed without issuing any decision on the SBA review.
  • On April 12, Governor of the National Bank of Ukraine Kyrylo Shevchenko said Ukraine might receive US$2.7 billion from the International Monetary Fund.

Translation: Yevgeny Matyushenko

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