New IMF Program Crucial For Economic Stability Of Ukraine, Future Reforms - G7 Ambassadors

New IMF Program Crucial for Economic Stability of Ukraine, Future Reforms - G7 Ambassadors

The G7 nations believe that a new International Monetary Fund (IMF) loan program will have a decisive effect on Ukraine's macroeconomic stability and future reforms, the G7 Ambassadors Support Group said on Wednesday

KIEV (Pakistan Point News / Sputnik - 20th November, 2019) The G7 nations believe that a new International Monetary Fund (IMF) loan program will have a decisive effect on Ukraine's macroeconomic stability and future reforms, the G7 Ambassadors Support Group said on Wednesday.

"G7 meeting with the IMF Mission in Ukraine, this morning. G7 believes that a new IMF program is crucial for macro-economic stability and the future of reforms. Full support to an agreement with IMF, that will bring long-lasting benefits for Ukraine," the official account of French Presidency of the G7 Ambassadors' Support Group in Kiev posted on Twitter.

Ukrainian Prime Minister Oleksiy Honcharuk said on Saturday that the country was looking forward to signing a new long-term deal with the IMF.

An IMF mission, led by Ron van Rooden, arrived in Kiev on Thursday to continue discussions with government officials on a new support program for the Ukrainian economy. The discussion was initiated during the previous IMF mission's visit to Kiev from September 12-26.

After the September visit, the IMF said that economic growth in the country was too low, and that per capita gross domestic product was the second-lowest in Central and Eastern Europe.

The IMF later approved a standby loan agreement of $3.9 billion for Ukraine in December, of which $1.4 billion was issued immediately.

According to the 2018 agreement, the second tranche was supposed to be issued after a six-month period and following a review of the nation's economic stability. The IMF has, however, delayed the funding on several occasions and has brought up the possibility of negotiating a new credit program.

On October 19, Ukrainian Finance Minister Oksana Markarova said her country still had a chance to receive the funds before the end of this year.