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According to the forecast of the President of the National Bank of Ukraine Yakov Smoly, the International Monetary Fund will provide Ukraine with the first tranche of the loan as part of a new cooperation program in May – June.
Ukraine could receive the first tranche of the new cooperation program with the International Monetary Fund in late May – early June, the President of the National Bank of Ukraine Yakov Smoliy said in an interview with BBC News Ukraine on May 14.
He did not specify the size of the tranche, but noted that by the end of the year Ukraine could receive up to $ 3.5 billion from the Fund. The total size of the 1.5-year cooperation program is $ 5 billion.
Smoly said that all funds will go to cover the state budget deficit (in previous years, money received from the IMF, Ukraine, was mainly directed at gold replenishment and NBU currency reserves).
“By prior agreement, all amounts we discuss with the IMF and other donors will be allocated to the state budget to cover the deficit,” Smoly reported.
In December 2019, Ukraine and the IMF agreed on a three-year extended financing program (EFF) in the amount of 4 billion special drawing rights (approximately $ 5.5 billion). Kiev did not receive a single tranche under this program, and on May 7, 2020, IMF representative Jerry Rice announced that the Fund and Ukraine decided to abandon the old program and continue cooperation in a short stand-by loan program. for 18 months.
The Ministry of Finance pointed out that after changing the format of cooperation with EFF in the amount of assistance Ukraine can count on will remain the same. According to the representative of Ukraine at the IMF, Vladislav Rashkovan, the conditions for obtaining assistance in the program standby mode is even easier “because they do not require “titanic” efforts to promote structural reforms. “
Ukrainian Prime Minister Denis Shmygal expects a memorandum with the IMF on a new cooperation program to be signed before the end of May.
To provide Ukraine with a new loan The IMF insisted on opening a land market and ban on the return of nationalized banks former owners (this document, in particular, will make it impossible for PrivatBank to return to businessman Igor Kolomoisky). The Verkhovna Rada adopted both laws.
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