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 National Bank Hopes to Receive Next IMF Tranche Before End of The Year

Ukraine may receive the next tranche of the International Monetary Fund until the end of this year, provided the formation of a parliamentary coalition and a new government by the end of the mission.

This was stated by Head of the National Bank of Ukraine Valeriia Hontareva on Hromadske.tv, Censor.NET reports.

The head of the NBU reminded that the IMF mission has been working in Kyiv since Nov. 11, and intends to complete its work by Nov. 25.

Read also: IMF Will Decide on New Tranche Next Year Due to Change of Government in Ukraine

"Our most important task is to form the government, to have a working coalition in the Verkhovna Rada by that time. Only in this case we will receive the tranches we can apply for. If that happens, we can get the tranche before end of this year," she said.

Also the head of the NBU says it is possible that the third and fourth tranches of the IMF will be consolidated: "If you join the 3rd and 4th tranches, the number will amount to $2.8 billion. But I think we can talk about a larger amount," she said, without specifying the number.

According to Hontareva, the funds will be used to replenish the country's international reserves. "This is a repletion of our foreign exchange reserves. Our foreign exchange reserves at the end of October constituted $12.5 billion. That is, we have enough money but we need this money to replenish the reserves," she explained.

Read also: Ukraine Asks EU for New Loan of Two Billion Euros

The head of the NBU said that the conditions of the IMF program may be revised in the direction of easing. "In July, it was clear that the economic situation had deteriorated. But when active military operations began in August and September , and 15% of our industrial production and 10% of our GDP was in the ATO area, it was perfectly obvious that we would change the macroeconomic forecasts. And if we change the forecasts, then the picture of our indicators completely changes. We discussed this with the IMF in Washington on Oct. 8. Now the mission has arrived, it is making its own forecasts, we have a full understanding, and I think we will be supported by the IMF," Hontareva said.

 
 
 
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