IMF mission to stay in Ukraine until October 2 - Poroshenko

IMF mission to stay in Ukraine until October 2 - PoroshenkoThe assessment mission of the International Monetary Fund will work in Ukraine until October 2, Ukrainian President Petro Poroshenko said at a joint briefing with IMF chief Christine Lagarde on Sunday.

"We agreed on a clear schedule of actions. In September, the IMF mission will come to Ukraine to continue its work until October 2. I hope that the results of the missions' work will be successful, because we are determined to implement reforms," he said.

Poroshenko expressed hope thay the mission would submit proposals to the IMF's Board of Governors in October.

The President said: "The decision of the IMF Executive Board of July 31, 2015 regarding the allocation of $1.7 billion for Ukraine together with $5 billion received this year have formed a substantial financial foundation for the implementation of reforms in Ukraine.

Poroshenko emphasized that "today we have received only 38% of the overall IMF program."

The previous IMF mission worked in Ukraine from May 12 until June 11.

The next mission is scheduled to arrive in Ukraine on September 22 to start negotiations with the Ukrainian authorities on the second review of the program of cooperation between Ukraine and the IMF.

Ukraine and the IMF are implementing a four-year $17.5 billion lending program. Ukraine received the first tranche under the program totaling $5 billion on March 13 - immediately after the approval of the program. IMF Executive Board approved on July 31 the second tranche of the loan in the amount of $1.7 billion. The funds were settled in the accounts of the National Bank of Ukraine on August 4 and transferred to Ukraine’s foreign exchange reserves.

The second revision of the program with a view to possible allocation of the third tranche is scheduled for this autumn.

The total amount of financial assistance Ukraine may receive from the IMF in 2015 is $10 billion.

Source: UNIAN
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