The Memorandum with the IMF will afford to continue cooperation under the IMF Extended Fund Facility (EFF).
The new Memorandum is the result of implementation by Ukraine of the agreed with the IMF reform program and the second review of it. Following the revision Ukraine signed a Letter of intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding. The aforesaid documents contain a summary of the policy and strategy planned for implementation by Ukraine within the period of the EFF effect in 2015-2018, and the concrete steps necessary for the third revision of the program and receipt of the fourth tranche.
The fulfilment of the provisions of the new Memorandum will enable by the end of 2016 to raise an additional funding worth US$1.3 billion from the IMF, which are to be directed to the reserves of the National Bank of Ukraine to strengthen the national currency and facilitate creating a stable and predictable investment climate.
A decision on the successful second review of the program and granting the third tranche of US$1 billion was adopted at a meeting of the IMF Board of Directors on September 14. This tranche has given an opportunity to raise US$1 billion in loan guarantees from the United States and a chance to receive €600 million as a macro-financial support from the EU and other funding from our international partners.
The EFF program is aimed at reinforcement of economic growth in Ukraine. Upon completion of the program Ukraine should create the conditions for self-sufficient development.
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