The International Monetary Fund has agreed to provide Ukraine with a tranche of almost $700 million. On November 22, the IMF Board of Governors adopted a positive decision to complete the first review of the Stand-By Arrangement.
The Prime Minister of Ukraine Denys Shmyhal welcomed the Fund’s decision, emphasizing that the positive assessment of international partners demonstrates the successful advancement of Ukraine in pursuing a policy of reforms.
"Through the measures taken by Ukraine in terms of reforming the judiciary, continuing the reform in the financial sector, we have confirmed the status of Ukraine as a reliable and responsible partner. The IMF financing will be directed to support the stability of the financial system and combat the aftereffects of COVID-19 pandemic," the Prime Minister stressed.
The IMF Board also decided to extend the program until the end of June 2022.
A joint Stand-By Arrangement between Ukraine and the IMF to the tune of $5 billion was approved on June 9, 2020. It aims to overcome the effects of the COVID-19 pandemic, strengthen the results and continue to implement important structural reforms in Ukraine.
Earlier, on October 18, the IMF and Ukraine reached a staff-level agreement to complete the first revision of the cooperation program with the IMF.