Ukraine expects to receive the first installment of $2.1 billion from the International Monetary Fund (IMF) during the month of June, Prime Minister Denys Shmyhal has said
KIEV (Pakistan Point News / Sputnik - 10th June, 2020) Ukraine expects to receive the first installment of $2.1 billion from the International Monetary Fund (IMF) during the month of June, Prime Minister Denys Shmyhal has said.
Under a new financial assistance program for Ukraine, the IMF will provide Kiev with $5 billion within 18 months. Ukrainian President Volodymyr Zelenskyy has already said that the upcoming first installment will have an additional $200 million on top of a previously agreed-upon sum.
"The IMF board of Governors has approved a Stand-By Arrangement for Ukraine with a total access of $5 billion. The arrangement is scheduled for a year and a half ... We are expecting the first installment of $2.1 billion [to arrive] this month. The funds will be channeled to the state budget to support the economy and assist the people," Shmyhal wrote on Facebook.
Since the 2014 coup, Ukraine's economy has been in a prolonged stated of crisis, having to rely on foreign financial aid in return for structural economic reforms.
In late March, the Ukrainian parliament passed a highly unpopular land reform, allowing private individuals and legal entities to purchase farmland. The reform is said to have been pushed by the IMF in return for financial assistance.
