REUTERS
Ukraine is set to submit for consideration by the IMF Executive Board letter of intent of the Government and the National Bank, as well as a Memorandum of Economic and Financial Policy.
The Cabinet of Ministers at today's meeting authorized Finance Minister Serhiy Marchenko to sign a letter to the International Monetary Fund on behalf of the government regarding a new cooperation program.
"After lengthy negotiations and implementation of preliminary measures, an agreement was reached with the IMF to launch a new program for Ukraine for a period of 18 months totaling $5 billion. With this in mind, Ukraine is set to send a letter of intent of the Government of Ukraine and the National Bank, as well as a Memorandum of Economic and Financial Policy, for consideration by the IMF Executive Board," said Serhiy Marchenko.
The signing of the memorandum and receipt of the IMF tranche is expected before the end of this month, the official stressed.
Read alsoZelensky announces signing of memorandum with IMF in May
As UNIAN reported earlier, the National Bank of Ukraine believes the first tranche of the new IMF loan, worth $2 billion, will be allocated in the second quarter of 2020.
IMF spokesman Gerry Rice earlier said that the focus of talks between the IMF and Ukraine had shifted toward a new program that will help the country cope with the effect of the pandemic on the economy and health care, and may become a backup option, since the Ukrainian authorities were yet to complete the implementation of preliminary conditions for receiving funds under the three-year Extended Fund Facility worth $5.5 billion, agreed upon at staff level in December 2019.