27 May 2024 14:55

Ukrainian govt, IMF start talks on fifth tranche

MOSCOW. May 27 (Interfax) - Representatives of the International Monetary Fund and Ukrainian government have started discussions on the country's implementation of the memorandum on economic and financial policy.

"The Ukrainian government has started talks on a fifth IMF tranche. Ukrainian Finance Minister Sergei Marchenko participated online in the opening of the IMF mission for the fourth review of the Extended Fund Facility (EFF) program on Monday morning," Ukrainian media reported, quoting a Finance Ministry press release.

Ukraine is also represented in the discussions being held on location in Warsaw and in an online format by the National Bank and other government institutions.

"The Finance Ministry together with teams from the National Bank and the IMF, continues to actively work on the implementation of jointly determined reforms to ensure macroeconomic stability, strengthen public administration, economic recovery and Ukraine's gradual European integration. We have already successfully completed three reviews of the program and look forward to receiving the next tranche in the amount of about $2.2 billion, as a result of a successful fourth review in June," Marchenko was quoted as saying.

The four-year EFF totaling around $15.6 billion was approved on March 31, 2023. A first tranche of $2.7 billion was disbursed in early April, and second and third tranches of SDR664 million or about $881 million-$890 million at the then exchange rate in early July and mid-December.

The IMF board at the end of March agreed to disburse a fourth EFF tranche of SDR 664 million to Ukraine as the result of the program's third review. Another three tranches are envisaged for 2024, including SDR1.67 billion ($2.21 billion) in mid-June, and two of SDR835 million each in early September and December.