The International Monetary Fund has allocated Ukraine $ 17.5 billion.
The International Monetary Fund reviewed the program of cooperation with Ukraine for a period of 4 years and decided to allocate 17.5 billion dollars, according to the website of the organization.
The Board considered the IMF «Ukraine’s application for the program «Extended Fund Facility» and the termination of the program «stand-by».
«I am pleased to announce that the Board of Directors of the IMF today approved the granting Ukraine SDR12,348 billion (about $ 17.5 billion or EUR15,5 billion) under the EFF based on a comprehensive economic reform program supported by the Fund, as well as additional support from the international community. Given the steps taken under the previously existing program stand-by, a new four-year program, promotes immediate economic stabilization in Ukraine, as well as defines the broad and deep economic reforms aimed at restoring sustainable growth in the medium term and improving the living standards of citizens of Ukraine», – said in a statement the Head of the IMF Christine Lagarde.
According to her, the replacement of previously approved stand-by program on the extended due to the nature of protracted needs of Ukraine in the balance of payments. EFF suggests a large amount of funding under the best conditions, as well as more time for the authorities of Ukraine and flexibility in the implementation of reforms.
The new program includes a broad bilateral and multilateral support from other creditors, including holders of sovereign loans which Ukrainian government intends to undertake consultations to improve the medium-term debt sustainability.
The first tranche of the IMF loan will be 5 billion dollars. It is expected that the first tranche will be split equally between the National Bank of Ukraine and the Cabinet of Ministry of Ukraine.
