Ukrainian PM expects memorandum with IMF to be signed by end of May

He said this during a virtual meeting with German Chancellor Angela Merkel on May 12, the press service of the head of the Ukrainian government reported.

"Denys Shmyhal expressed hope that the Memorandum of Cooperation with the IMF would be signed by the end of May," the report reads.

According to Shmyhal, cooperation with the IMF under the Stand-By Arrangement, which is currently under discussion, will make it possible to receive USD 5 billion, of which USD 3.5 billion will replenish the State Budget 2020 reserves.

“This is not just financial support. This is a guarantee of receiving funding from other international financial organizations and an indicator that we are pursuing the policy of systemic reforms," the prime minister said.

On May 7, IMF Spokesperson Gerry Rice said that negotiations between the IMF and Kyiv were aimed not at securing a three-year Extended Fund Facility (EFF) for Ukraine, but at achieving the conditions for launching a Stand-By Arrangement (SBA), which provides for smaller volumes and will last for 18 months.

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