IMF mission starts its work in Ukraine

A mission of the International Monetary Fund (IMF) started its work in Ukraine on Tuesday, Interfax-Ukraine learned at the IMF's representative office. The visit of the IMF experts will last until Nov. 4.

The IMF decided to renew its loan partnership with Ukraine in the summer of 2010 through a new stand-by program.

In late July 2010, Kyiv received the first tranche of SDR 1.25 billion under the new program. The IMF decided in December to allocate a second tranche worth SDR 1 billion.

The program foresaw future quarterly allocation of tranches, each worth SDR 1 billion, with the exception of the last tranche, which was to be worth SDR 750 million.

However, an IMF mission that worked in Kyiv in March 2011 could not recommend to the IMF Executive Board that it approve another tranche for Ukraine.

The IMF had expected Ukraine to approve pension reform and settle the problem of low prices of natural gas for households - measures required for it to get the third tranche under the SBA.

The next visit of the International Monetary Fund's mission to Ukraine was first scheduled for August 29 through Sept. 9, but was then postponed until late October 2011.

Ukraine's government said that due to the delay in financing, two tranches of the stand-by loan could be combined, which would help replenish the foreign exchange reserves of the National Bank of Ukraine with about $3 billion.

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