Zelenskyy Hopes IMF Approves First Revision Of Ukraine's Loan Program In November

MOSCOW (Pakistan Point News / Sputnik - 19th October, 2021) President of Ukraine Volodymyr Zelenskyy expressed hope that the Executive board of the International Monetary Fund (IMF) will approve the first revision of Ukraine's loan program in November, enabling the country to receive $700 million.

Earlier on Monday, the IMF announced that it had reached an agreement with the Ukrainian authorities on the first revision of the loan program, under which Kiev expects to receive $700 million.

"Ukraine and @IMFNews (IMF) reached a staff-level agreement to complete the first review of the Stand-By Arrangement. I expect the #IMF Executive Board to approve this agreement in November. This will allow (Ukraine) to receive about $700 million and once again confirm our close cooperation," Zelenskyy wrote on Twitter.

In June 2020, the Board of Governors the highest decision-making body of the IMF approved a new cooperation program for Ukraine, according to which the country is expected to receive a total of $5 billion. Ukraine has already received the first tranche of $2.1 billion, which is supposed to be followed by transfers of the remaining $2.9 billion in four payments, each amounting to about $700 million.

In September, Ukrainian Prime Minister Denys Shmyhal said that Ukraine expects to receive the next tranche under the IMF cooperation program in late November or early December.