10:44 19.06.2019

Zelensky: we will prepare new program with IMF in July, no default expected

2 min read
Zelensky: we will prepare new program with IMF in July, no default expected

 Ukraine will start preparing a new program of cooperation with the International Monetary Fund (IMF) in July, Ukrainian President Volodymyr Zelensky has said.

The press service of the President of Ukraine reported on Tuesday that Zelensky during a meeting with large- and medium-sized businesses in Germany confirmed the cooperation of Ukraine with the IMF, the World Bank and the European Bank for Reconstruction and Development (EBRD).

"We are starting an agreement with the IMF, we will prepare a new program in July, there will be no default," the president of Ukraine said.

He also said that, as president, he would not influence the courts or the banking system.

As reported, Deputy Head of the Presidential Administration Oleksiy Honcharuk said in an interview with NV.Business ezine that Ukraine is preparing for a possible launch of the new three-four-year program of cooperation with the IMF at the end of 2019.

On June 13, 2019, IMF Spokesperson Gerry Rice said in Washington that the IMF expects the completion of parliamentary elections in Ukraine to continue negotiations on further cooperation with the country. Rice recalled that in May the IMF mission worked in Kyiv, which had initial discussions with Zelensky.

The IMF Executive Board, following a meeting on December 19, 2018, approved a new program of cooperation with Ukraine under the Stand-By Arrangement. The amount of the 14-month program is equivalent to SDR 2.8 billion, or about $3.9 billion. Some SDR 1 billion (about $1.4 billion) was provided immediately, while the remaining funds will be provided based on the results of the program reviews in 2019.

The IMF mission worked in Ukraine in May, but left without recommendations on the provision of the new tranche. Head of the mission Ron van Rooden said that the IMF mission is ready to return to Kyiv after the parliamentary elections and the formation of a new government. The IMF team found that fiscal and monetary policies remain on track.

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