Ukraine, IMF agree on terms of further funding - NBU

Ukraine and the International Monetary Fund (IMF) have agreed on the conditions of providing financial aid to the country, Head of the National Bank of Ukraine (NBU) Valeriya Gontareva has said.

"The IMF mission is working. I hope that tomorrow or the day after tomorrow we will have the final version of the memorandum. We are coordinating it, while they will go and prepare their proposals for the board of directors... I think the time between their arrival and a meeting of the board of directors will be two or three weeks," she told reporters.

"We are optimistic about the future...The NBU and the Individuals' Deposit Guarantee Fund have agreed on all the parameters for the EFF program," the banker added.

According to the director of the department for monetary policy and economic analysis, Serhiy Nikolaichuk, the need for foreign currency for the government's and the NBU's payments amounts to slightly more than $1 billion in February and March, Naftogaz's need for foreign currency is about $500 million a month.

As reported, the government should in the current year repay about $11 billion on the state direct and guaranteed debt, while the NBU's international reserves by February decreased to $6.4 billion.