Kubiv expects disbursement of $1.7 bln from IMF in mid-July

Wednesday, May 25, 2016 - 14:40 (EEST) Section: Latest news

Ukraine and the International Monetary Fund, the country`s key creditor, are agreeing an updated text of the Memorandum, and the country expects to get important legislative work done as soon as possible, which makes prospects for the disbursement of $1.7 loan tranche in mid-July quite optimistic.
”The information [about legislative work performed] will be communicated, probably it has already been communicated to the management of the International Monetary Fund … the actual disbursement of funds will be in the middle of July,” First Vice Prime Minister and Minister of Economic Development and Trade Stepan Kubiv told reporters.
As UNIAN reported earlier, the four-year Extended Fund Facility program worth about $17.5 billion originally foresaw quarterly reviews of the program, the disbursement of four tranches to Kyiv in 2015, another four in 2016. However, at present, the country received only the first tranche worth $5 billion on March 13, 2015, and the second one worth $1.7 billion arrived on August 4, 2015.
The IMF expert mission led by Ron van Rooden was working in Kyiv May10-18. The mission chief said Ukraine had made considerable progress restoring stability, but added that the Ukrainian government needed to boost efforts to improve transparency and the rule of law.
”Steadfast implementation” of structural and institutional reforms was critical, he emphasized.
”Unwavering determination in the fight against corruption (is) emerging as a litmus test for the government`s ability to retain broad domestic and international support for its policies,” Rooden was quoted as saying.
As UNIAN reported earlier, Ukraine`s Finance Minister Oleksandr Danylyuk also said Ukraine may receive the third tranche of the loan in the amount of $1.7 billion from the IMF under the Extended Fund Facility, approved in March last year, immediately after the meeting of the Board of Directors of the Fund, that is in July.