The virtual mission of the International Monetary Fund (IMF) in Ukraine on revising the Stand-by program will start working in September, IMF spokesperson Gerry Rice said at a briefing. However, he declined to specify the dates.
According to him, discussions about specific dates are still ongoing. Prior to this, Prime Minister Denys Shmyhal announced the start of the mission on September 18.
Ukraine expects the IMF second tranche in the amount of $750 million as part of the stand-by program in late November—early December.
Context. In June 2020, the IMF approved a Stand-by credit program for Kyiv in the total amount of about $5 billion. The first tranche of financing amounted to $2.1 billion. The IMF planned four revisions of fulfilling the program terms and conditions for the allocation of the other four tranches. However, the schedule was disrupted, and funding was suspended due to Ukraine's failure to fulfill a number of obligations.
In particular, Kyrylo Shevchenko, the Governor of the National Bank of Ukraine, said that the amount of the second stand-by tranche may be higher than the planned $700 million due to the consolidation of the tranche, but this issue would be negotiated during the discussion with the mission.