10:41 19.07.2017

Ukrainian finance minister meets new IMF representative to Ukraine

Ukrainian Finance Minister Oleksandr Danyliuk on July 18 met new International Monetary Fund (IMF) Resident Representative in Ukraine Gösta Ljungman.

"Yesterday I met new IMF Resident Representative in Ukraine Gösta Ljungman and congratulated him on his appointment. We discussed further cooperation and steps for the successful implementation of the IMF program," Danyliuk wrote on his Facebook page.

As reported, early July the IMF replaced IMF Resident Representative in Ukraine Jerome Vacher, who has held the post for four years, with ex-member of the Swedish Finance Ministry Gösta Ljungman as part of regular rotation.

Ljungman, a citizen of Sweden, has a degree in Economics from Uppsala University. He joined the IMF in 2007, previously held a position in the Ministry of Finance of Sweden.

As reported, the four-year EFF program launched by the IMF in March 2015, in the total amount of SDR 12.348 billion (around $17.25 billion), initially involved quarterly reviews of the program, with the first tranche of $5 billion, and the next three, SDR 1.18 billion each (around $1.65 billion), to be paid during 2015, and decreasing quarterly tranches to SDR 0.44 billion ($0.61 billion) in 2016-2018.

Ukraine was able to receive, with a slight delay, the second tranche, $1.7 billion, under this program, in early August 2015, followed by a lengthy pause because of the country's failure to meet a number of conditions, political crisis and changes in the government.

Since the arrival of a new government led by Volodymyr Groysman in April 2016 talks over continued funding have resumed but it was not until mid-September that the IMF decided to allocate the third tranche, $1 billion. The fourth tranche was received on April 3, 2017.

According to the new schedule presented in the materials of the IMF, three reviews are planned for late 2017: fourth review in the middle of May, fifth in the middle of August and sixth in the middle of November.

If Ukraine successfully conducts reforms after the fourth review the country could raise $1.907 billion, after the fifth review - $1.28 billion, sixth review - $1.28 billion. In general, some $4.46 billion could be attracted.

In 2018, four more reviews will be conducted and Ukraine could raise around $955 million after each review or some $3.82 billion in general.

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