Ukraine and IMF agree to resume cooperation under stand-by loan programme.

By bne IntelliNews July 5, 2010
Ukraine and the International Monetary Fund have agreed to resume cooperation under the International Monetary Fund's stand-by loan programme, the IMF's Kyiv office has announced in a statement. According to the statement, the agreement that was reached with the Ukrainian government agencies is subject to approval by the management and the board pf directors of the International Monetary Fund. The board of directors of the International Monetary Fund is expected to consider this issue in late July, after legislative changes involving the state budget and the financial sector are approved. According to the International Monetary Fund, reform of the Ukrainian financial sector is focused on restoring the banking system to health, including through ensuring adequate capitalization of banks and strengthening the independence of the National Bank of Ukraine, while the aim of the Ukrainian government's economic program is to strengthen fiscal and financial stability. An IMF mission was in Ukraine from June 21 to July 3. The IMF approved the stand-by arrangement worth about USD 16.4 bn for Ukraine on Nov 5, 2008, to help the Ukrainian authorities restore financial and economic stability and strengthen confidence. It disbursed USD 4.5bn to Ukraine as the first tranche of the stand-by loan on Nov 10, 2008. The executive board of the International Monetary Fund approved disbursement of USD 2.8bn as the second tranche on May 12, 2009. The International Monetary Fund disbursed USD 3.3bn to Ukraine on Jul 31, 2009, as the third tranche of the Stand-by loan.

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