IMF sets up Ukraine reform support fund
The International Monetary Fund (IMF) has established of a capacity-building fund for Ukraine, with USD 14 million already allocated by donors, Ukraine’s central bank governor Andriy Pyshnyy said on Facebook.
Mr Pyshnyy explained that the new fund will cover the needs of "implementing the plan to develop Ukraine's potential and successfully implement reforms".
The governor of the Ukrainian central bank, the National Bank of Ukraine, stressed that the last two memoranda between Ukraine and the IMF, in particular, set out the key focus on maintaining macroeconomic, external, and financial stability in order to strengthen Ukraine’s capacity.
They also include international financial assistance, reforming the Ukrainian economy, and strengthening the institutional capacity of the authorities.
"The IMF has once again confirmed its leadership in mobilising financial assistance for Ukraine. So far, donors have already disbursed USD 14 million. The goal is to raise USD 65 million," Mr Pyshnyy said.
In late March, the IMF Executive Board approved a four-year loan to Ukraine of USD 15.6 billion in the form of Extended Fund Facility (EFF). The Fund's mission in Ukraine started working in late May.
Ukraine received the second tranche of USD 890 million from the IMF at the end of June, and the first tranche of USD 2.7 billion, immediately after the programme was approved in early April.