Ukraine expects IMF mission’s arrival next week – Finance Ministry

Ukraine expects a mission of the International Monetary Fund to arrive in the country next week, Ukrinform reports with reference to the press service of the Ministry of Finance.

This became known during a meeting between Minister of Finance of Ukraine Serhiy Marchenko and World Bank Vice President for Europe and Central Asia Anna Bjerde.

At the meeting, the parties discussed the conditions for obtaining a Second Economic Recovery Development Policy Loan, cooperation with the International Monetary Fund, the results of the implementation of joint projects, a green transition in Ukraine, and the main directions of further cooperation.

“We appreciate our cooperation with the World Bank. It allowed Ukraine to maintain macro-financial stability and finance the budget deficit in a difficult year. Also, which is extremely important, this year we have enough funds to purchase the required amount of vaccines,” the minister emphasized.

The World Bank is one of the key partners of Ukraine. To date, the disbursement of funds within the portfolio of the International Bank for Reconstruction and Development (IBRD) - one of the structures of the World Bank - is the largest in comparison with other international financial institutions – it amounted to USD 2.3 billion as of September 1, 2021.

As reported, Minister of Finance of Ukraine Serhiy Marchenko suggested that the current 18-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) could be extended for six months.

On June 9, 2020, the IMF approved a new 18-month SBA for Ukraine worth about USD 5 billion with the immediate disbursement of USD 2.1 billion as the first tranche.

The virtual mission for the first revision of the SBA ended in mid-February with no recommendation for a second tranche.

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