Ukraine and the International Monetary Fund (IMF) agreed at the working level on a reserve loan worth $ 5 billion. This is stated in a common message of the fund, reports TASS.
According to the statement, a loan for 18 months will open Kiev access to 3.6 billion SDR (artificial reserve and means of payment). “[Он] aims to ensure a balance of payments and budget support to help the authorities to deal with the consequences of the shock of COVID-19, ”said Ivanna Vladkova Gollar, head of the IMF negotiating team.
This decision is expected to provide Ukraine with a willingness to return to economic growth and resume wider reform efforts when the crisis ends. It will also help mobilize additional bilateral and multilateral financial support.
The agreement will be reviewed by fund management in the coming weeks.
In December 2019, it was reported that the IMF will provide Ukraine with a loan of 5.5 billion US dollars for a period of three years. The authorities complied with all the conditions for receiving support, including the opening of the agricultural land market and forbade the return to the oligarch Igor Kolomoisky of the nationalized Privatbank.