IMF mission planning to work in Ukraine from Oct. 25 to Nov. 4

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Oct. 20, 2011 15:57
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A mission from the IMF is planning to work in Ukraine from Oct. 25 to Nov. 4.
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A mission from the International Monetary Fund (IMF) is planning to work in Ukraine from Oct. 25 to Nov. 4, the IMF Resident Representative Office in Ukraine has announced.
"An International Monetary Fund (IMF) mission will visit Ukraine from Oct. 25-Nov.4 to continue discussions on the second review under the Stand-By Arrangement (SBA) and the 2011 Article IV consultation," reads the statement, citing IMF Resident Representative in Ukraine Max Alier.

As reported, Ukrainian Prime Minister Mykola Azarov said earlier that the fund's mission would arrive in Ukraine on Oct. 24.

As reported, 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. The IMF decided in December to allocate a second tranche worth SDR 1 billion.

The program foresaw the future quarterly allocation of tranches, each worth SDR 1 billion, with the exception of the last tranche, which will 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 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 September 9, but was then postponed until late October 2011.

Tigipko 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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