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IMF fast-tracks possible issue of second Stand-By tranche to Ukraine

May 7, 2009

The Board of the International Monetary Fund intends to review the release of a second tranche of its Stand-By loan to Ukraine on May 8, rather than May 13 as originally planned, according to a statement made by Premier Yulia Tymoshenko on Wednesday, May 6 at an open session of the Cabinet of Ministers.

“The Fund’s Board of Directors has taken into account the productive efforts of our Government regarding commitments made between Ukraine and the IMF and has decided to move its meeting forward, from May 13 to May 8,” the Premier announced. Premier Tymoshenko noted that this is apparently a positive signal to Ukraine and testifies to the effective work of this Government.

The IMF has been debating the issue of releasing a second Stand-By tranche worth US $2.8bn to Ukraine.

On November 5, 2008, the IMF decided to allocate a Stand-By loan worth some US $16.4bn to cope with the difficult economic situation. On November 10, the Fund issued the first tranche of this loan, US $4.5bn.

Tags: IMF