17:42 03.10.2016

Updated memo: IMF could grant Ukraine $1.3 bln under EFF program in 2016, $5.4 bln in 2017

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Updated memo: IMF could grant Ukraine $1.3 bln under EFF program in 2016, $5.4 bln in 2017

The successful implementation of the economic program opens up the possibility for Ukraine to attract $1.3 billion from the International Monetary Fund (IMF) under the EFF program in 2016 and nearly $5.4 billion in 2017.

The corresponding updated schedule has been posted in the materials of the second revision of the EFF program.

The funds are to be issued on a quarterly basis on the results of implementation of efficiency criteria: the largest tranche is to be issued in the first quarter of 2017 - more than $1.986 billion. The size of the next two tranches will be reduced to $1.33 billion, and the remaining five to $735 million.

The IMF said that in view of Kyiv's oncoming debt service payments to the fund, net financing from the IMF in 2016 is possible in the amount of $2.3 billion, in 2017 some $4.5 billion and in 2018 some $900 million.

As stated in the materials, by the end of this year in addition to the $1 billion already raised from eurobond placement under U.S. guarantees Ukraine may also receive EUR 600 million of macro-financial assistance and $100 million in a credit from the Swiss National Bank to the National Bank of Ukraine.

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