G7 Ambassadors welcome IMF-Ukraine agreement on new cooperation program
The G7 Ambassadors welcome the staff level agreement between the International Monetary Fund (IMF) and the Ukrainian authorities on a new 14-month Stand-By Arrangement.
"The G7 Ambassadors welcome the staff level agreement reached between the IMF and the Ukrainian authorities on a new Stand-By Arrangement. A key step towards ensuring Ukraine's future economic stability and continued economic growth," the Twitter account of the Canadian Chair of the G7 Ambassadors' Support Group in Kyiv said on October 22.
The IMF and the Ukrainian authorities earlier reached agreement on economic policies for a new 14-month Stand-By Arrangement (SBA) worth US$3.9 billion, which is to be approved by the IMF's Executive Board. The new SBA will replace the arrangement under the Extended Fund Facility (EFF), approved in March 2015 and set to expire in March 2019.
Board consideration is expected later in the year following parliamentary approval of a Ukrainian government budget for 2019 consistent with IMF recommendations and an increase in household gas and heating tariffs to reflect market developments while continuing to protect low-income households.