Completion of second revision of EFF program for Ukraine will be held after plan of work for 2016 finalized – IMF
The second revision of the EFF program for Ukraine will be completed after the plan of work for 2016 is finalized, Director of the IMF Communications Department Gerry Rice has stated.
"We are still engaged in finalizing the plan of work for 2016, which will pave the way for the completion of the second revision. I have no date yet for a meeting of the IMF board of directors for the second revision. It depends on the resolution of some of the existing issues related to structural and fiscal measures that are necessary to guaranteeing the stability of Ukraine in the medium term," he said at a traditional press briefing in Washington.
As reported, the four-year EFF program totaling SDR12.348 billion (about $17.11 billion at the current exchange rate), opened in March 2015, with the first tranche of $5 billion originally foresaw a quarterly revision of the program, the issue of another three tranches of SDR1.18 billion (about $1.63 billion) each in 2015 and the decrease in quarterly tranches in 2016-2018 to SDR440 million ($610 million).
At the same time, Ukraine managed to get only the first two tranches, part of the first tranche in the amount of $2.7 billion was used by the government to support the national budget, while the remaining funds were traditionally issued to the National Bank.