22:04 02.07.2015

IMF mission approves first review under EFF arrangement with Ukraine

2 min read
IMF mission approves first review under EFF arrangement with Ukraine

The International Monetary Fund has announced that a staff-level agreement has been reached on a set of policies needed to complete the first review under the Extended Fund Facility Arrangement (EFF) with Ukraine, the fund said in its press release.

"Following further discussions between IMF staff and the Ukrainian authorities since the mission's return from Kyiv, a staff-level agreement has been reached on a set of policies needed to complete the first review under the Extended Fund Facility Arrangement (EFF). The agreement is subject to approval by IMF management and the Executive Board, once the prior actions are completed and the conditions are in place for staff to assess that public debt is sustainable with high probability and the program is fully financed," the document reads.

The completion of the review would enable the disbursement of SDR 1.18 billion (about $1.7 billion), the IMF press service said.

As reported, the IMF mission was working in Kyiv May 12 through June 11. Initially, the mission planned to finish its work in late May or early June.

The four-year EFF program worth a total of SDR 12.348 billion ($17.516 billion) was approved in March 2015. The IMF is to provide Ukraine with three more tranches of SDR1.182 billion (about $1.63 billion) each in 2015, after the first tranche of $5 billion.

In the next three years it is planned to annually issue four tranches of SDR437.975 million (about $620-630 million). The condition for providing funds will be quarterly reviews, during the first of which the implementation of the program criteria as of the end of March will be analyzed.

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