NBU considers not necessary to expand IMF program for Ukraine

The National Bank of Ukraine does not see the need to expand the crediting program of the IMF, approved this April.
NBU Governor Valeria Hontareva told in an interview to Ukrinform within the frames of her visit to the U.S.
“We were not going to revise it (program). According to the agreement, the “reviews” are held once in two months (procedures for assessment of the program fulfillment and the needs of the country’s economy – Ed.),” Hontareva noted.
She reminded that recently such an attempt took place in July, next time the IMF Mission will work in Ukraine at the end of October and at the beginning of November.
“At meetings with the Fund management in Washington we discussed the new “review,” which should be passed by Ukraine. This is not the revision of the program, this is the review of macroeconomic indexes, laid down in it,” the National Bank Governor said. At the same time, she admitted that as compared with July, macroeconomic indexes of Ukraine, unfortunately, became worse due to the conflict.
To remind, recently, Finance Minister Oleksandr Shlapak said that the government also does not need the revision of the finance program from the IMF. However, he stressed that additional financial allocations may be necessary for the NBU with the aim of strengthening the foreign currency reserves of the country.
In this connection, Hontareva noted that today all comes down to the fact that it is better to distribute the resources in the already existing program. “The program is in effect, it is distributed on the tranches,” she said, adding that now negotiations are underway about uniting the third and the fourth tranches of the IMF for Ukraine.
As reported, the NBU Governor and the Finance Minister arrived on a visit to Washington last week to participate in the Annual Meeting of the IMF and World Bank. Representatives of Ukraine held a number of meetings with heads of the world financial institutions, counterparts from foreign delegations, during which they discussed the issues of further cooperation with Ukraine.

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