IMF ready to support Ukraine

The International Monetary Fund (IMF) stands ready to support Ukraine in its endeavor to return to a sustainable growth path, Max Alier, Resident Representative of the International Monetary Fund (IMF) in Ukraine, said at a meeting with Ukraine's Deputy Prime Minister Serhiy Tihipko.

Alier said he would relay the request for a mission to the Fund headquarters in Washington, and consult on next steps, according to UKRINFORM.

"In the meantime as part of our preparatory work, an IMF staff team will visit Kyiv next week to join the Resident Representative office in technical meetings on the budget. I'm grateful to the authorities for the meeting today and look forward to further discussions in the near future," the IMF Resident Representative underscored.

As reported, on November 5, 2008, the IMF decided to allocate around USD 16.45 billion under a two-year Stand-By Arrangement with Ukraine. On November 10, 2008, Ukraine received a first tranche worth USD 4.5 billion from the IMF.

On May 8, 2009, the IMF Executive Board approved the allocation of a second disbursement worth USD 2.8 billion to Ukraine. Total amount of credit facilities provided by the IMF to Kyiv is USD 10.9 billion.

On July 31, 2009, the IMF transferred USD 3.3 billion as a third tranche to Ukraine.

In December 2009, the Fund rejected Ukraine's request on an additional funding at USD 2 billion saying that the Ukrainian authorities fail to fulfill the commitments within a cooperation program, while the country leaders were in confrontation ahead of the presidential election.

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