The National Bank of Ukraine (NBU) noted progress in negotiations with the International Monetary Fund's (IMF) mission on revising a Stand-By Arrangement (SBA), NBU Governor Kyrylo Shevchenko said on Thursday
KIEV (Pakistan Point News / Sputnik - 21st January, 2021) The National Bank of Ukraine (NBU) noted progress in negotiations with the International Monetary Fund's (IMF) mission on revising a Stand-By Arrangement (SBA), NBU Governor Kyrylo Shevchenko said on Thursday.
On January 11, the mission resumed its review of the SBA after NBU met the basic requirements for the start of the IMF mission's work in the country.
"We assess the chances of revising the program as high. Negotiations are currently underway, the progress is certainly there," Shevchenko said at a press conference.
The IMF Executive Board approved the 18-month $5 billion Stand-By Arrangement for Ukraine in June 2020. The new program aims to help Ukraine cope with the challenges of the COVID-19 pandemic. Kiev received the first tranche of a $2.1 billion loan after parliament had passed the law on the non-return of nationalized banks to former shareholders and the law allowing the sale of agricultural land. The receiving of subsequent tranches implied a tightening of fiscal policy, the discussion of which led to cooperation being briefly frozen.
