UWC welcomes approval by IMF of new Stand-By program for Ukraine

UWC welcomes approval by IMF of new Stand-By program for Ukraine

The Ukrainian World Congress (UWC) welcomes the IMF’s decision on approving a loan program for Ukraine in the amount of $3.9 billion.

"The Ukrainian World Congress (UWC) welcomes the decision of the International Monetary Fund (IMF) on 18 December 2018 to approve a 14-month loan program under the Stand-By Arrangement (SBA) for Ukraine in the amount of $3.9 billion," the UWC’s press service reported.

“Despite the hybrid war being waged against Ukraine by the Russian Federation, Ukraine has undertaken successful macroeconomic and structural reforms, including anti-corruption measures. The IMF decision raises confidence in Ukraine’s economy in the international markets and will attract more foreign direct investment to the country,” UWC President Paul Grod stated.

In its announcement, the IMF recognized the commitment of Ukrainian authorities to reducing public debt while focusing on fiscal consolidation and inflation reduction, and implementing targeted reforms to strengthen tax administration, governance, and the financial and energy sectors, while continuing to provide social assistance for the most vulnerable.

The first tranche of $1.4 billion within Stand-By program is expected to be released at the beginning of 2019. The allocation of the two subsequent tranches will be conditional upon the results of semi-annual reviews by the IMF next year.

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