The IMF reached agreement on an updated memorandum of cooperation with Ukraine
The International Monetary Fund (IMF) has reached an agreement with Ukraine on an updated Memorandum of Economic and Financial Policies. As a result, during the second half of March, IMF’s Executive Board will consider the allocation of another tranche of $1 billion to Kyiv, as was indicated in the Fund’s press release on Saturday, March 4th.
In March 2015, the IMF approved a four-year loan program worth USD 17.5 billion to support economic reforms in Ukraine. It provided for quarterly allocations of funds to Kyiv. The first two tranches of $5 billion and $1.7 billion, were transferred in March and August 2015 respectively.
After that however, there was a pause in the lending program due to Ukraine’s non-fulfillment of conditions demanded by the Fund. The third tranche of $1 billion followed in September 2016, after the new Cabinet of Ministers headed by Volodymyr Groysman came to power.