PM: Cooperation with IMF, World Bank, EU key to surviving crisis

Ukrainian Prime Minister Denys Shmyhal says cooperation with the International Monetary Fund (IMF), the World Bank, the European Union, and other financial partners is essential for Ukraine to survive the global economic crisis caused by the coronavirus pandemic.

The government chief made the comment during a video address to participants of the international conference "Ukraine: Investment Harbor in the Time of Change" on December 11.

"Cooperation with the International Monetary Fund, the World Bank, the European Union, and other financial partners is key to overcoming crisis […] Mutual understanding and shared vision of further reforms should continue to ensure our effective cooperation with the IMF and other international partners," he said.

Read alsoInt'l reserves stand at US$26.1 mln as of Dec 1 – NBUAccording to Shmyhal, the government expects that the date for the start of the IMF mission in Ukraine will be announced soon, which will open up an opportunity for receiving the second disbursement under the Stand-By Arrangement in the near future.

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 initially planned to receive the second tranche under the same arrangement before the end of the year.
• In late November, the Ministry of Finance announced it had successfully finalized discussions with the IMF on the main parameters of the draft national budget for the year 2021, which was one of the main prerequisites for starting the first revision of the IMF Stand-by Arrangement, setting up the mission date of the IMF European Department and receiving another tranche.