IMF approved granting US$2.8 milliard stand-by credit second tranche to Ukraine

16.06.2009 10:59 "Agro Perspectiva" (Kyiv) — As to International Monetary Fund (IMF)

Directors Board May 08/09 decision, Fund will allocate to Ukraine SDR1.9 milliard (≈US$2.8 milliard) credit second tranche up to IMF/Ukraine Stand-By Arrangement.

“IMF Directors Board has completed Stand-By Arrangement first revision… and

approved immediate allocation of SDR1.9 milliard (≈ US$2.8 milliard) credit second tranche to Ukraine. That makes total amount already paid to Ukraine under IMF/Ukraine Stand-By Arrangement SDR4.9 milliard (≈ US$7.3 milliard), says IMF report.

As to report, after having completed Stand-By Arrangement revision, IMF Directors agreed to raise up second tranche amount against initially planned SDR1.3 milliard. Besides, Directors also reconciled deviations from earlier agreed criteria of Ukrainian State budget deficit program implementation, currency policy and currency exchange/import limitations (which Ukrainian authorities agreed to completely liquidate in near future).

IMF First Deputy Managing Director John Lipsky said global economy significant weakening has hit Ukrainian economy too hard, resulting in tax revenues sharp decline, − what made Ukrainian authorities revise economic program supported by Stand-By Arrangement.

Lipsky admitted revised aims of this program now stipulate that Ukrainian State budget deficit is possible to reach up to 4% (against zero deficit stipulated by program initial variant). So, under these conditions IMF welcomes Ukrainian authorities intention to carry out pensionary/tax reform until end 2009.

As to Lipsky, National Bank of Ukraine has again confirmed its obligation to introduce flexible exchange rate policy, − what is to help Ukrainian economy to get adapted to global economy disturbances, prevent country economy dollarization, avoid borrowers excessive risks and focus monetary policy at inflation curbing.

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