IMF board to deliberate on Ukraine’s Extended Fund Facility Program
The Board of Directors of the International Monetary Fund (IMF) is set to convene on Dec. 11 to discuss the second review of Ukraine’s Extended Fund Facility (EFF) program, with the potential disbursement of the third tranche amounting to SDR 664 million (approximately $880 million at the current exchange rate), Ukrainian newswire Interfax-Ukraine reported on Dec. 7.
The agenda for the upcoming board meeting
includes critical discussions on requests to modify effectiveness criteria, and
waiver requests for Ukraine’s failure to meet the effectiveness criterion.
Additionally, consultations with Ukraine under Article IV of the IMF Charter
are on the docket.
The Ukrainian side had signed an updated
memorandum on economic and financial policies under the EFF program, Ukrainian
national bank chief Andriy Pyshnyi announced on Dec. 6.
“If we successfully pass the second review,
and the IMF approves the next tranche, it means our international partners have
renewed their commitments until 2024,” he said.
The NBU head highlighted the significance
of this decision, stating that “without [the signed memorandum], the program
would not proceed. This implies that we have decent chances to receive the
level of financing we anticipate.”
IMF Deputy Executive Director Vladyslav
Rashkovan echoed Pyshnyi’s positive outlook, forecasting a favorable vote from
the Fund’s board of directors on the matter.
“First, there will be money from the IMF,”
he said.
“Then from the U.S. Then from the EU. And
then there will be more money from our other partners.”
The IMF mission had earlier initiated
technical discussions in Warsaw on Sept. 25 to prepare for the second review of
the Extended Fund Facility program. A successful outcome would pave the way for
Ukraine to receive the anticipated third tranche of the loan.
Ukraine received the first tranche of $2.7
billion from the IMF in April, followed by the second tranche of $890 million
in June. NBU chief Pyshnyi emphasized Ukraine’s expectation of a positive
decision from the IMF Board of Directors on the second review and the
disbursement of the third tranche, slated for December.
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