20:22 04.08.2015

Ukraine receives $1.7 bln second tranche of IMF loan – NBU head

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Ukraine receives $1.7 bln second tranche of IMF loan – NBU head

The National Bank of Ukraine on August 4 received the second tranche amounting to $1.7 billion of a loan under the Extended Fund Facility program (EFF) from the International Monetary Fund (IMF), NBU Governor Valeriya Gontareva has said at a meeting with bankers.

"The funds we've today received from the IMF will be used to replenish international reserves. In general, our international reserves are growing at a solid pace. We expect that by the end of 2015 their volume will reach nearly $18 billion," reads a posting on the central bank's website, with reference to Gontareva.

As reported, the EFF program assumes that Ukraine's gross international reserves by the end of this year will grow to $18.3 billion, and next year - to $22.3 billion and will cover 3.7 and 4.2 months of imports respectively. They will further rise to $28.5 billion, $35.2 billion and $38.4 billion in 2017, 2018 and 2019 respectively, corresponding to about 5.4 months of imports.

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