IMF approved the allocation of almost $ 700 million to Ukraine
The IMF Council has extended the agreement until the end of June 2022.The IMF agreed on the allocation of the next tranche to Ukraine / Illustration REUTERS
The International Monetary Fund decided to allocate almost $ 700 million in tranche to Ukraine within the framework of the Stand-by program.
This was announced by the President of Ukraine Volodymyr Zelensky on Twitter .
“I am grateful to the IMF Board of Directors for the positive decision to complete the revision of the stand-by program, which provides for the allocation of a tranche of about $ 700 million. We will use these funds to support the financial system and combat the consequences of COVID-19. The IMF program will continue,” he said …
The IMF website reports that the Executive Board completed the first review under the stand-by program for Ukraine and approved the extension of the agreement until the end of June 2022.
On June 9, 2020, the IMF Board of Directors adopted an 18-month stand-by program for Ukraine with funding equivalent to about $ 5 billion, aimed at helping to overcome the consequences of the COVID-19 pandemic.
On June 12, Ukraine received the first tranche of an IMF loan under a new cooperation program in the amount of $ 2.1 billion. According to the plan, the second tranche of the IMF for Ukraine should be 500 million special drawing rights (SDR), which is approximately equal to $ 700 million.
At the beginning of 2021, an IMF mission worked in Ukraine to revise the stand-by program. The mission ended without making a decision to revise the program.
Prime Minister Denis Shmygal expected that in November 2021 the Board of Directors of the International Monetary Fund would decide to allocate a new tranche of $ 700 million to Ukraine as part of the stand-by financing program.