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 IMF Executive Board completes first review of Ukraine’s EFF

The Executive Board of the International Monetary Fund (IMF) yesterday completed the first review of Ukraine’s Extended Arrangement under the Extended Fund Facility (EFF).

Censor.NET reports citing Ukrainski novyny.

The completion of this review enables the disbursement of SDR 1,182.1 million (about US$1.7 billion), which would bring total disbursements under the arrangement to SDR 4.72 billion (about US$6.68 billion).

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"The Ukrainian economy remains fragile, but encouraging signs are emerging. In recent months, the exchange rate has stabilized, domestic-currency retail deposits have been increasing, and the pace of economic decline is moderating. Continued prudent policies and further reforms should allow the economy to turn the corner and growth to resume in the period ahead.

At the same time, restoring debt sustainability will require the completion of a debt operation consistent with program objectives. The authorities and the holders of their sovereign debt should continue their efforts to reach an agreement ahead of the next program review. In the event that talks with private creditors stall, and Ukraine determines that it cannot service this debt, the Fund could continue to lend to Ukraine consistent with its Lending-into-Arrears Policy," David Lipton, First Deputy Managing Director, said

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