“The NBU assessed the risks of not approving the decision on the IMF tranche against the backdrop of the situation in the USANBU Chairman Andriy Pyshnyy stated that there are no grounds for not approving the decision regarding the IMF tranche. Ukraine
itself initiated a reduction in the amount from 0.92 to 0.4 billion dollars due to the availability of other sources of financing.”, — write: unn.ua
Pyshny commented on the risk that the decision to allocate a tranche by the IMF board may not be approved due to significant uncertainty regarding U.S. assistance.
We worked well with the team from the International Monetary Fund during the mission that took place last week. Together with the government team, we managed to reach an important agreement at the staff level. It was achieved and accordingly reported on Friday
He noted that based on this reality, the NBU is currently assessing the potential further development of events.
We believe that there are currently sufficient grounds for reviewing the agreements that were reached on our part, we do not see. However, we understand that certain discussions may take place if such a need arises. Of course, we will be ready for this, but we expect that the agreements within the framework of the seventh review will result in a positive decision from the IMF Board of Directors
He noted that Ukraine has made an important, very constructive path for the seventh review to take place and for the program to continue supporting Ukraine’s macro-financial stability.
This is a successful project, both for the IMF and for Ukraine
Supplement
On February 20, the IMF mission began work in Kyiv, and the fund representatives will discuss the seventh review of the Extended Fund Facility (EFF) program with the Ukrainian authorities.
On February 28, it was reported that representatives of the Ukrainian authorities and the IMF reached an agreement at the expert level regarding the seventh review of the Extended Fund Facility (EFF) program. The total volume of the program is about $15.5 billion.
The IMF reduced the tranche for Ukraine from $0.92 billion to $0.4 billion, which is a technical decision.
NBU head Andriy Pyshny reported that the reduction of the IMF tranche amount occurred after the relevant discussions and at the request of the Ukrainian side, given that Ukraine currently has properly confirmed sources of external financing.