Ukraine received the second tranche from the International Monetary Fund (IMF) in the amount of about $ 700 million. This was announced on Wednesday, November 24, by the head of the National Bank of the country, Kirill Shevchenko.
“Today, Ukraine received the second tranche from the International Monetary Fund under the stand-by program in the amount of SDR 500 million (equivalent to $ 699 million),” he wrote.
The funds received will go to the government’s accounts with the National Bank of Ukraine and will increase the international reserves of the state, reports RT…
Earlier, on November 22, the IMF executive board decided to provide Ukraine with a tranche of $ 699 million, according to the website. kp.ru…
The IMF recalled that the loan program is aimed at helping Ukraine overcome economic shocks caused by the coronavirus pandemic, to support economic recovery and promote important structural reforms.
An expert on political and economic issues, Vsevolod Stepanyuk, said on November 23 that Ukraine cannot pay off its external public debts. He noted that the number of those wishing to buy Ukrainian securities is also decreasing, despite the fact that Kiev decided to increase the interest on bonds.
On October 7, the Prime Minister of Ukraine Denis Shmygal said that the country’s total public debt exceeds $ 90 billion and the Cabinet is working on its restructuring. He stressed that, in accordance with the adopted strategy, the government is going to increase domestic borrowing while reducing external debt.
Georgy Ostapkovich, director of the HSE Center for Conjunctural Research, clarified on the same day that Ukraine, which has declared a state debt of more than $ 90 billion, will have to pay it, most likely by raising taxes. However, in order to raise taxes, it is necessary to either increase the country’s economic growth, or directly raise taxes and pay off the national debt.
In 2020, Ukraine and the IMF signed a memorandum, which referred to a one and a half year standby loan program in the amount of $ 5 billion. Then Ukraine received the first tranche – $ 2.1 billion. The remaining amount was supposed to be transferred in four payments, approximately $ 700 million each. However, when the IMF launched a rapid financing mechanism in connection with the coronavirus and the countries urgently requested assistance, Ukraine did not receive the next tranche. The reason for this was the country’s failure to comply with the fund’s requirements.
#Ukraine #received #tranche #IMF #amount #million