The International Monetary Fund, Ukraine`s largest lender, which decided on a third US$1 billion disbursement to Ukraine on September 14, may consider a new disbursement by the end of the current year.
”On the next review [of the Extended Fund Facility] and next disbursement – that could be by the end of the year. I don`t have the exact date,” Director of the IMF Communications Department Gerry Rice said at a briefing in Washington.
He explained a reduction in the sum of the third disbursement to $1 billion from the earlier announced $1.7 billion by ”re-phasing.”
”Re-phasing of the disbursement – a particular amount of the disbursement – is not unusual in our programs. We have these reviews precisely to calibrate policy recommendations and make sure that the financing is aligned with the balance-of-payments needs and with the policy implementation,” he said.
As UNIAN reported earlier, the IMF`s Executive Board on September 14 completed the second review of Ukraine`s economic program supported by an arrangement under the EFF.
”The completion of this review enables the disbursement of SDR 716.11 million, or about $ 1 billion, which would bring total disbursements under the arrangement to SDR 5,444.21 million (about $7.62 billion,” the IMF said in a statement.
In completing the review, the Executive Board approved waivers for the nonobservance of performance criteria related to net international reserves, non-accumulation of external payments arrears and non-introduction of new exchange restrictions.
The IMF`s funds are expected to arrive in Ukraine soon. According to some reports, it may happen on September 16. They will be funneled into the replenishment of Ukraine`s gold and forex reserves.