14:05 06.12.2023

National Bank, govt sign updated memo for second review of IMF EFF arrangement – NBU governor

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National Bank, govt sign updated memo for second review of IMF EFF arrangement – NBU governor

Ukraine expects in December a positive decision by the Executive Board of the International Monetary Fund (IMF) on the second review of the Extended Fund Facility (EFF) arrangement and the third disbursement of at least $900 million, Governor of the National Bank of Ukraine Andriy Pyshnyy has said.

"We received conclusions at the (IMF) staff level. The National Bank signed an updated memorandum (of economic and financial policies), as did the government. Now, we are awaiting the decision of the Executive Board of the International Monetary Fund," he said at the annual corporate directors forum of the Corporate Governance Professional Association in Kyiv on Wednesday.

Pyshnyy said that a positive decision by the IMF Executive Board will mean not only the third disbursement of $900 million, but also confirmation of the support of Ukraine's international partners, since the total framework of the EFF arrangement of $15.6 billion is $115 billion under the baseline scenario and $140 billion under the adverse scenario.

According to him, the National Bank still expects to receive $38 billion in external financial assistance in 2024.

At the same time, the NBU governor said that the risk of interruption of such support remains a key risk, especially since the bad news is that coalition partners will find themselves in a difficult stage of political turbulence.

The calendar of meetings of the IMF Executive Board, currently scheduled until December 15 inclusive, does not yet include the issue of Ukraine.

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