Max Allier: IMF to offer another tranche of loan in two weeks
2011-02-16 14:36:19
The Executive Board of the International Monetary Fund could offer the next tranche of the loan in two weeks to Ukraine, IMF Resident Representative in Ukraine Max Allier told a press conference.
He reminded that the IMF Mission recently visited Ukraine. "Within the frames of the program, USD 15-16 billion should be transferred to Ukraine. USD 3.4 billion will be in that particular tranche. The analysis was carried out and USD 1.6 billion was signed in the form of a loan to Ukraine," Allier said noting that discussion of unregulated issues will take about two weeks. "As a result, I hope, that it will be possible to offer (Ukraine) the next tranche of the IMF loan," the IMF Representative said.
Earlier, the head of the IMF Mission for Ukraine Thanos Arvanitis issued a statement on the outcome of the Mission in Kyiv on February 1-14. Notes in particular say that the Ukrainian government's economic program, which has been implemented with the support of the agreement stand by, as a whole is moving in the right direction.
The IMF stressed that the Ukrainian government has once again confirmed that aims to achieve sustainable economic growth in the medium term perspective.
The Fund considers necessary to support Ukraine's current pace of economic reforms coupled with efforts to optimize the regulatory framework and to improve conditions for conducting business.
The program of cooperation between Ukraine and the IMF, approved in July 2010, envisages the loan to Ukraine to the amount of USD 15.15 billion. Duration of the program is 2.5 years. Funds are raised at an interest rate of 3.5% annual.
Immediately after the approval of the cooperation program, Ukraine received the first tranche of the IMF loan to the amount of USD 1.89 billion.
On December 22, 2010, the IMF Board of Directors decided to allocate to Ukraine the second tranche of SDR 1 billion (special drawing rights, about USD 1.5 billion).