Zelensky informs when new funds from the IMF will arrive / Photo from president.gov.ua
Ukrainian President Volodymyr Zelensky says Ukraine expects to receive the next disbursement under the Stand-By Arrangement from the International Monetary Fund (IMF) in early 2021.
He announced this during a phone call with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, the press service of the Office of the President said on December 21.
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Zelensky noted that, despite the crisis, the Ukrainian banking system's work is stable, and the budget is being implemented.
He also said that an IMF mission was about to start work in Ukraine, and following which it will be decided on the new disbursement in early 2021.
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 the first tranche of the IMF loan under the SBA worth $2.1 billion. The Finance Ministry planned to receive the second tranche under the same arrangement before year-end.
- In late November, the Finance Ministry reported on the successful completion of talks with the IMF on benchmarks of the draft budget for 2021, which was one of the major prerequisites for starting the SBA review.
- On December 17, 2020, Ukrainian Prime Minister Denys Shmyhal announced that Ukraine would receive the next tranche from the IMF in February or March 2021.
- On December 21, 2020, new talks between Kyiv and the IMF began.
