Two $700m tranches to Ukraine from IMF postponed until next year

Ukraine was supposed to receive two $700 million tranches from the International Monetary Fund this year, but they have been postponed until next year.

This was announced by the Minister of Finance of Ukraine Serhiy Marchenko

 

“We received the first tranche of $2.1 billion in June. Two more tranches of $ 700 million were to be received this year. They were postponed until next year. That is why initially we are talking about $700 million that we may get after the revision of the program, its coordination at the level of the IMF mission and the management. Undoubtedly, Ukraine needs the IMF credit funds”, –  Marchenko said.

According to him, the second round of talks with the IMF is planned for January.

“We will start working with the mission again in early January. We are discussing the modality of the future programme, the steps to be taken, the structural beacons. We are discussing the period of 2022-2023. How we will balance the budget, the size of the deficit. This is a normal professional discussion with experts, with our partners”, –  the Minister said.

The head of the Ukrainian Finance Ministry said that the government had fulfilled all the markers to receive the tranche.

“We have fulfilled all the markers that concerned government measures. These are market tariff setting, transformation of tax and customs services. From January 1, these two agencies will already work as single legal entities. It is also the settlement of troubled loans of state banks and the like. But there are also measures on anti-corruption, judicial reform, which, let’s say, remain relevant, but do not depend only on the Ministry of Finance. And the fund stresses more the need to implement exactly these measures”, –  Marchenko said.