Ukraine's NBU expects IMF mission in Feb, successful program review
MOSCOW. Jan 25 (Interfax) - The National Bank of Ukraine (NBU) expects an International Monetary Fund (IMF) mission to start operating in February, during which technical consultations will take place, which will ultimately result in a successful third review of the program, NBU Governor Andrei Pyshny said at a press briefing in Kiev on Thursday, as reported by Ukrainian media.
"I am convinced that our international partners have enough time, appropriate desire and understanding of the critical importance of restoring the rhythmic flow of international financial support for Ukraine during these months," he said.
The risk of disrupting rhythmicity of the receipt of international financial assistance has come true, Pyshny said. However, the regulator's baseline scenario presumes that Ukraine will receive the planned volumes of international aid in the coming months and its rhythmicity will also be recovered, he said.
"The volumes of international support and international financing in the form of loans and guarantees for 2024, which are envisaged by our baseline scenario, currently total $37 billion, which we expect Ukraine to receive this year," Pyshny said.
The regulator will adapt its policy depending on the specifics of the realized risks, as well as other scenarios, Pyshny said.
The four-year Extended Fund Facility Arrangement (EFF) was approved on March 31, 2023. The first $2.7 billion disbursement was allocated in early April, while the second and third disbursements of SDR664 million (around $881 million - $890 million at the then exchange rate) were provided in early July and mid-December.
The program's planned schedule envisages the allocation of another disbursement to Ukraine at the end of February 2024, following the third review, when the fulfillment of obligations by the end of December 2023 is assessed.
Another three disbursements are envisioned for 2024: SDR1.670 billion ($2.226 billion) in mid-June, followed by SDR835 million ($1113 million) each in early September and December.
Two disbursements are scheduled for 2025: SDR684 million ($912 million) in early March and late August, followed by three more final disbursements of SDR966 million ($1.288 billion) each.