Ukraine will receive $3,9 bln by IMF

Wed, 19.12.2018 12:17

The International Monetary Fund (IMF) has announced its Executive Board on December 18 approved a 14-month US$3.9 billion Stand-By Arrangement (SBA) for Ukraine, with US$1.4 billion for immediate disbursement. "The Board also took note of Ukraine's decision to cancel the arrangement under the Extended Fund Facility for Ukraine that was approved on March 11, 2015," the IMF said in a statement.

The authorities' economic program supported by the SBA will build on the progress made under the Extended Fund Facility (EFF) arrangement. The SBA will provide an anchor for the authorities' economic policies during 2019 and focus on maintaining macro-economic and financial stability.

The program will focus on four priorities: (i) continuing the ongoing fiscal consolidation to keep public debt on a downward path; (ii) further reducing inflation, while maintaining a flexible exchange rate regime; (iii) strengthening the financial sector, promoting asset recovery, and reviving bank lending; and (iv) advancing a focused set of structural reforms, particularly to improve tax administration, privatization and governance. "The approval of the SBA enables the immediate disbursement of SDR 1 billion (about US$1.4 billion).

The remainder will be available upon completion of semi-annual reviews," the IMF said. "The Ukrainian authorities have successfully restored macro-economic stability and growth, with support from the international community. Prudent fiscal and monetary policies and a flexible exchange rate regime have helped reduce fiscal and current account deficits. Reserves have been partly rebuilt and confidence has improved," IMF First Deputy Managing Director and Acting Chair David Lipton said following the Executive Board's discussion.

Source: UNIAN

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