2019-03-14T17:28:00+02:00 Economy 2024-09-15T10:50:54+03:00

Ukrainian news

NBU Changes No Expectations Regarding Receiving Two Tranches Of IMF In 2019

NBU Changes No Expectations Regarding Receiving Two Tranches Of IMF In 2019

The National Bank of Ukraine has not changed its expectations regarding Ukraine's receiving two tranches of the International Monetary Fund in 2019.

NBU Governor Yakiv Smolii announced this at a press conference, Ukrainian News Agency reports.

He says a technical mission of the International Monetary Fund has been in Ukraine in March to assess implementation of the stand by program.

"We are satisfied with the visit," he said.

He says the question of criminal responsibility for illegal enrichment of top officials was discussed with the mission.

"We do not see any risks for receiving the tranches in May and November," he said.

On February 26, 2019, the Constitutional Court ruled that criminal prosecution of officials for illegal enrichment is unconstitutional.

On February 28, 2019, President of Ukraine Petro Poroshenko registered a bill at the Verkhovna Rada to reintroduce criminal prosecution for illegal enrichment, taking into account the comments of the Constitutional Court.

The technical mission of the International Monetary Fund worked in Ukraine March 5-13.

As Ukrainian News Agency earlier reported, late in April 2014, the International Monetary Fund endorsed a credit program for Ukraine for UAH 17.01 billion. In early May 2014, the International Monetary Fund provide the first tranche of USD 3.19 billion within the stand by credit.

On March 11, 2015, the Board of Directors of the International Monetary Fund adopted four-year Extended Fund Facility worth USD 17.5 billion to replace the stand by program.

In October 2018, Ukraine and the International Monetary Fund agreed on a new Stand-By Arrangement.

The Board Of Directors of the International Monetary Fund approved a new Stand-By Arrangement (SBA) for Ukraine following a meeting on December 18, 2018.

The IMF has published the Memorandum on economic and financial policy within the new program for 2018-2020.

The volume of 14-month program amounts to USD 3.9 billion.