16:56 08.08.2019

Ukraine needs new long-term program of cooperation with IMF for $5-10 bln – NBU

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Ukraine needs new long-term program of cooperation with IMF for $5-10 bln – NBU

Ukraine needs a new long-term program of cooperation with the International Monetary Fund (IMF) in the amount of $5-10 billion, the NBU's press service has reported, citing an interview with Deputy Governor of the National Bank Dmytro Sologub.

According to the forecast of the central bank, the first tranche of about $2 billion under the new IMF program could be received by the country by the end of this year, approximately the same amount of IMF financing could be in 2020-2021.

As expected by the NBU, the obligations that Ukraine will undertake under the new program are unlikely to differ significantly from the terms of the previous agreements. International partners expect, above all, anti-corruption, judicial and land reforms from Ukraine, as well as the continuation of a balanced fiscal policy and a decrease in the share of overdue debt in the loan portfolio of the banking system.

"The new program with the IMF is, first of all, a positive signal for investors and international partners of Ukraine, an indicator of the continuation of reforms. The current level of international reserves is sufficient to smooth out fluctuations in the foreign exchange market by the National Bank and fulfill government obligations," the report says.

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