: Poroshenko discusses next IMF tranche with Lagrade

12:41 Jul. 9, 2016

Poroshenko discusses next IMF tranche with Lagrade

President of Ukraine had phone conversation with IMF Managing Director

It remains unknown when Ukraine may obtain third funds disbursement

In a phone conversation Ukraine's President Petro Poroshenko and IMF Managing Director Christine Lagarde discussed the provision of the next tranche to Ukraine.

According to the presidential press office, Poroshenko informed Lagarde on the course of Ukrainian reforms and fight against corruption. He also thanked the IMF Managing Director for her support and trust.

Earlier this month Ukrainian Finance Minister Oleksandr Danyliuk said that coordination of the memorandum on the next tranche by IMF and Ukraine was "a matter of a few days".

The agreement, which is the renewed document within the second revision of the Extended Fund Facility program, is expected to be soon approved by the IMF Executive board.

Earlier Ivan Miklos, the senior economic adviser to Ukraine's PM Groysman, said the country's government would likely need to pass more reform to get the expected USD 1.7 billion funds. He stated, the third tranche could be delivered in two parts – in July and autumn.

Read also: IMF predicts positive dynamics for Ukraine's GDP in coming years

The four-year Extended Fund Facility program worth about USD 17.5 billion originally foresaw quarterly reviews of the program, the disbursement of four tranches to Kyiv in 2015, and another four in 2016. However, at present, the country received only the first tranche worth USD 5 billion on March 13, 2015, and the second one worth USD 1.7 billion arrived on August 4, 2015.

 

 

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