The mission of the International monetary Fund (IMF) in the coming weeks to recommend to the Board of Directors of the Fund to conduct the third review of the EFF.
On Thursday 12 January, the official representative of the Fund Jerry rice, reports «Interfax-Ukraine».
«I have her yet (the exact date of the meeting of the Board of Directors), but we expect it will be soon, in the coming weeks. Assuming that all the outstanding issues (requirements are met by the Ukrainian authorities) will soon be resolved, offer to complete the next revision of the program can be presented to the IMF Board in the coming weeks,» he said during the traditional press-briefing in Washington.
As reported, the IMF open in March 2015 the four-year EFF program total amount of SDR12,348 billion (about 17.25 billion USD) with the first tranche of $ 5 billion originally envisioned by the quarterly revision of the program, the allocation in 2015 of three more tranches of SDR1,18 billion (about us $ 1.65 bn) and a decrease in quarterly tranches in 2016-2018 to SDR0,44 billion (0.61 billion us dollars).
Ukraine was able to obtain a small delay in the second tranche for this program to $ 1.7 billion in early August 2015, and then there was a long pause because of the outstanding number of conditions, political crisis and change of government.
After the arrival of the new Cabinet, headed by Volodymyr Groisman in April 2016, the negotiations on the continuation of funding resumed, however, the IMF decided to allocate the third tranche of $ 1 billion only in mid-September.
The revised schedule of allocation of funding, a further allocation of funds was planned on a quarterly basis, the results of the performance criteria, in particular, the fourth tranche in the amount of 1.3 billion dollars in mid-November 2016. The largest tranche is still projected in the first quarter of 2017 — more than 1,986 billion, then the size of the two following will be reduced to 1.33 billion dollars, and the remaining five to 735 million dollars.
However, Ukraine still significantly lags behind the timing of the performance criteria, fixed in the updated when you receive the third tranche of the Memorandum of economic and financial policies.
By results of work in Kiev in the period from 13 to 17 November 2016 the mission of the Foundation made a statement on granting Ukraine additional time to complete the current phase of the EFF. «Despite the success, the authorities need additional time to implement policies to ensure medium-term fiscal sustainability, including the adoption of the budget for 2017 in accordance with the target indicators of the program, ensuring financial stability, and fighting corruption. Discussions in these areas will continue further», — stated in the mission statement.
In addition, the IMF expects the Ukrainian authorities to be more proactive in the fight against corruption, in particular, the prosecution of senior corrupt officials.
The head of the Ukrainian Ministry of Finance Alexander Danilyuk claims that urgent need for money from the IMF anymore. According to him, this assistance is no longer critical. «All is lost» will not» — he comments.
The IMF said that the date of the meeting in Ukraine will determine in the coming weeks 12.01.2017