IMF Has No Approval Date For Agreement With Ukraine - Spokesperson

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IMF Has No Approval Date for Agreement With Ukraine - Spokesperson

The International Monetary Fund (IMF) has not set up yet a specific date to approve the staff level agreement reached with Ukraine, IMF spokesperson Gerry Rice told reporters on Thursday

WASHINGTON (UrduPoint News / Sputnik - 13th February, 2020) The International Monetary Fund (IMF) has not set up yet a specific date to approve the staff level agreement reached with Ukraine, IMF spokesperson Gerry Rice told reporters on Thursday.

"I do not have a date for you today," Rice said during the press briefing, mentioning that this agreement is subject to approval by the IMF board.

In December 2019, the IMF announced an agreement with Ukraine on a three-year $5.5 billion loan.

Both parties continue very active discussions, Rice said. The main goals of this program include strengthening the rule of law, fighting corruption, enhancing competition, opening up markets, reducing the role of the state and oligarchs, he added.

In 2018, the IMF approved a $3.9 billion standby loan agreement for Ukraine, but issued only $1.4 billion and conditioned the rest of the funds on reviews of the country's macroeconomic stability.

According to the 2018 agreement, the second tranche was supposed to be issued after a six-month period following a review of Ukraine's macroeconomic stability. However, the IMF delayed approving the second tranche and has brought up the possibility of negotiating a new credit program.

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