IMF program will open another intl financing for Ukraine – NBU head
The National Bank of Ukraine (NBU) hopes for the final adoption by the Verkhovna Rada of a law on banks next week, which will allow receiving both the EFF program from the International Monetary Fund (IMF) and related financing from the World Bank and other official lenders, NBU Governor Yakiv Smolii has said.
"We hope that next week the Verkhovna Rada at second reading will vote bill No. 2571-d, and this will open the door for the IMF program," he said during an online conference of the NBU board with the European Business Association.
Smolii said that in addition to the World Bank, the matter concerns macro-financial assistance from the European Union, which can be expanded, and assistance from the governments of Canada and Japan.
The banker also recalled that Ukraine counts on IMF funding on the programs to combat coronavirus in the amount of $1.4 billion or even more.
"I think if we get this funding, we will be able to calmly go through the crisis that has swept the whole world today," Smolii emphasized.
He noted that most of the funds from the IMF should be sent to the national budget, which bears the main financial burden of overcoming the epidemic in Ukraine, to cover the budget deficit and create the stabilization fund to fight coronavirus in Ukraine.
According to the head of the National Bank, Ukraine's international reserves today amount to about $25 billion and are sufficient so that the NBU could maintain financial stability by carrying out currency interventions if necessary.