IMF notes progress in discussions with Ukraine on new EFF arrangement

The IMF Managing Director said this in a statement published on the IMF website on March 26.

“This last week, very good progress has been made in the discussions with the Ukrainian authorities on the new Extended Fund Facility (EFF) arrangement. Adoption of legislation to improve the bank resolution framework and on land reform would allow moving forward quickly with finalizing the parameters of the new arrangement, with larger access than previously envisaged,” the statement reads.

As reported, on January 18, 2020, IMF Managing Director Kristalina Georgieva said that Ukraine should fulfill preliminary requirements for the launch of a new Extended Fund Facility (EFF) program worth $5.5 billion. According to her, Ukraine and the IMF have reached a staff-level agreement that stipulates the fulfillment of certain preliminary requirements.

In December 2019, the IMF agreed with the Ukrainian government on a new three-year EFF program for 4 billion Special Drawing Rights (SDRs), or about $5.52 billion.

ish