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Ukraine hopes to secure 2nd IMF loan payout before year's end: Finance Minister

Ukraine hopes to secure 2nd IMF loan payout before year's end: Finance Minister

India Blooms News Service | @indiablooms | 19 Oct 2019, 12:29 pm

Kiev, Oct 19 (Sputnik/UNI) Ukraine still has the chance to secure the second loan tranche from the International Monetary Fund (IMF) before the end of the year, Finance Minister Oksana Markarova said Saturday.

The IMF in December 2018 approved a standby loan agreement of $3.9 billion for Ukraine, of which $1.4 billion was issued immediately while the rest will be issued upon review of the country’s macroeconomic stability.

"We agreed with [European Commissioner for Financial Stability] Valdis Dombrowski on a plan of action for the second tranche … We have already fulfilled all conditions but one and there is still a chance to receive funds this year. We also discussed financing for 2020. Long-term and cheap financing from official lenders is a priority of the Ministry of Finance, as is the development of the internal market," Markarova wrote on Facebook after negotiations with IMF officials in the Unites States.

An IMF mission to Ukraine in September left with lukewarm impressions, as a report on their findings showed a satisfaction with economic stability but found that growth was too slow.

According to the 2018 agreement, the second tranche was supposed to be issued after a six-month period following a review of stability. The IMF however, has delayed the matter on several occasions and has brought up the possibility of negotiating a new credit program.