Ukraine is determined to continue cooperation with the International Monetary Fund, says Yakiv Smolii, the National Bank governor.

"All scenarios, including our macro forecasts and the forecast compiled by the Ministry of Economy, are based on the fact that we have a program with the IMF," Smolii told reporters in Kyiv on Thursday.

However, receiving the first tranche of the new Extended Fund Facility in the first quarter of 2020 seems unlikely, since after the adoption by the Verkhovna Rada of a number of laws required to launch the new program with the IMF, it will take some time for the IMF's Executive Board to decide on the disbursement.

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At the same time, Smolii believes that a revision of preliminary agreements with the IMF on the new EFF is unlikely, even despite reshuffles in the Ukrainian government and the IMF itself.

The NBU governor stressed that the Ukrainian authorities were determined to continue cooperation with the IMF, but it is still difficult to predict the timing of decision-making on the new EFF and the allocation of the first tranche.