Ukraine expects to receive $3.48 billion in financial assistance from external donors, including the International Monetary Fund (IMF) and the European Union, by the end of this year, the National Bank of Ukraine said on Monday
KIEV (Pakistan Point News / Sputnik - 10th September, 2018) Ukraine expects to receive $3.48 billion in financial assistance from external donors, including the International Monetary Fund (IMF) and the European Union, by the end of this year, the National Bank of Ukraine said on Monday.
"The expected volume of financial assistance to be received by the end of the year from the main international donors is $3.48 billion, including $2 billion from the IMF and $0.58 billion from the European Union, which Ukraine plans to receive as part of the new macro-financial assistance program," the bank said in a report on the activities of its council on financial stability from June 2017 to July 2018.
The bank suggested that Ukraine's access to funding from external donors would allow the government to attract long-term financing on international capital markets.
The Ukrainian National Bank made its statement amid the IMF mission's 2-week visit to Ukraine, which began on Thursday. The visit is dedicated to future cooperation between Kiev and the IMF.
Kiev has been receiving loans as part of the IMF's $17.5 billion Extended Fund Facility (EFF) assistance package. The loans, which are part of a four-year program aimed at reviving the Ukrainian economy, were approved by the IMF back in 2015. So far, Kiev has received four installments of aid totaling $8.7 billion.
The fifth payment was supposed to be transferred in December, but it was never disbursed since Ukraine had not met all the IMF requirements for this; Ukraine needs to first make progress on the issues of establishing an independent anti-corruption court, gas pricing, and tax policy befote the IMF can release the loans.
