The National Bank of Ukraine (NBU) expects that Ukraine will receive three more disbursements from the IMF to the tune of some US$4.5 billion by the end of the year.
”We hope that Ukraine will continue following the path of reform as part of cooperation with the IMF, and we`ll get three more tranches by the end of the current year,” NBU Deputy Governor Oleh Churiy said at a briefing in Kyiv on Tuesday, April 4
In his words, the latest, fourth tranche worth $1 billion from the IMF after the third review of Ukraine`s Extended Fund Facility (EFF) will be transferred to the NBU`s accounts within a few days.
Churiy noted that the receipt of all four tranches by the country in 2017 would increase the NBU`s gold and foreign currency reserves to $20.8 billion.
In 2018, Ukraine hopes that the Fund will lend another $3.9 billion.
Ukraine also expects EUR 1.3 billion from the European Commission this year, he added.
As UNIAN reported, the IMF Executive Board on April 3 completed the third review of the EFF and approved the fourth disbursement worth $1 billion.
The receipt of the fourth tranche of the IMF loan is an unprecedented event for Ukraine since the country has earlier suspended the implementation of loan programs at earlier stages, while the IMF halted its financing after the first, second, and once third disbursement.
The IMF urged the Ukrainian authorities to accelerate structural reforms to achieve faster and more sustainable growth, starting with the privatization and development of the agricultural land market. However, the IMF stressed that corruption needs to be tackled decisively.
Moreover, Ukraine cannot any longer delay comprehensive pension reform, including by raising the effective retirement age, the IMF said.