IMF not considering emergency financing for Ukraine – finance minister

Ukrainian Finance Minister Serhiy Marchenko says the International Monetary Fund (IMF) is not considering the allocation of emergency financial assistance to Ukraine.

He made the comment during the Pravo na Vladu ("Right to Power") talk show on November 26, according to an UNIAN correspondent.

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"This is about whether we have applied for emergency financing. This means funding when a state is indeed in a plight. We were considering this issue over the current situation. But our partners from the International Monetary Fund answered: 'Dear Ukraine, you have a program, so please, we're ready to cooperate under this program. We're now not considering emergency financing for you.' So, we asked a question and we were clearly told we need to work within the program and fulfill its conditions," he said.

Ukraine and IMF: Background

• On June 9, 2020, the IMF's Executive Board adopted an 18-month Stand-By Arrangement (SBA) for Ukraine with funding equivalent to SDR 3.6 billion (about US$5 billion) aimed at helping Ukraine overcome the consequences of the COVID-19 pandemic.
• On June 12, Ukraine received US$2.1 billion in the first tranche of the IMF loan under the SBA. The Finance Ministry planned to receive the second tranche under the same arrangement before the end of the year.
• On November 17, President Volodymyr Zelensky spoke over the phone with IMF Managing Director Kristalina Georgieva, saying Ukraine had fulfilled all the "structural benchmarks" for the IMF to review the existing SBA.