The International Monetary Fund has announced it reached a staff-level agreement with Ukraine on the third review of the arrangement under the Extended Fund Facility (EFF).
”The IMF staff has reached agreement with the Ukrainian authorities on an updated Memorandum of Economic and Financial Policies. This paves the way for consideration of the third review of the arrangement under the Extended Fund Facility (EFF) by the IMF`s Executive Board, together with the 2016 Article IV consultation, in the second half of March,” IMF Mission Chief for Ukraine Ron van Rooden said in a statement in Washington, D.C., on March 4.
Ukraine`s four-year, SDR 12.348 billion EFF arrangement (about US$17.5 billion at the time of approval) was approved on March 11, 2015, to support the government`s economic program, which aims to put the economy on the path to recovery, restore external sustainability, strengthen public finances, maintain financial stability, and support economic growth by advancing structural and governance reforms, while protecting the most vulnerable.
The last IMF mission visited Kyiv on November 3-17, 2016. The completion of the third review will enable the disbursement of SDR 734.05 million (about US$ 1 billion), which would bring total disbursements under the arrangement to SDR 6.178 million (about US$ 8.32 billion).