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IMF Board of Directors will not consider the issue of financing Ukraine in August

08/22/2016 03:42:58 pm
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The question of further financing of Ukraine in the framework of the EFF programme is not in the agenda of the August board meeting of the International Monetary Fund (IMF). It is reported by Interfax-Ukraine referring to the website of the fund

Earlier Minister of Finance of Ukraine Alexander Danyluk said that the IMF Board of Directors might consider giving the country the third tranche of funding under the programme of the extended EFF financing during the next meeting on the fourth week of August.

EFF four-year programme of total amount of SDR12,348 billion (about $ 17.23 billion at current exchange rate) that was opened in March 2015 with the first tranche of $ 5 billion originally provided quarterly review of the programme, allocation of another three tranches in 2015 SDR1,18 billion (about $ 1.65 billion) and a decrease in quarterly tranches in 2016-2018 to SDR0,44 billion ($ 0.62 billion).

At the same time, Ukraine, as in the two previous programmes with the IMF, was able to obtain only the first two tranches and then there was a pause due to the political crisis and change of government. When new Cabinet led by Vladimir Groysman sarted to work in April, negotiations on renewal of funding were resumed. Initially it was assumed that the third tranche would amount to about $ 1.7 billion and Board of Directors of the IMF would be able to take this decision in June, but due to non-fulfillment of a number of conditions by Ukraine the terms are constantly postponed and the size of the tranche was reduced to $ 1 billion.