The International Monetary Fund has reached a staff-level agreement with the Ukrainian leadership on opening a two-year credit worth from 14 billion to 18 billion dollars.
The agreement reached with the authorities is subject to approval by IMF Management and the Executive Board. Consideration by the Executive Board is expected in April, following the Ukrainian authorities' adoption of a strong and comprehensive package of prior actions aiming to stabilize the economy and create conditions for sustained growth," IMF Mission Chief for Ukraine Nikolay Gueorguiev said in a statement on Thursday. He said that the IMF's program could be part of broader international financial assistance to Ukraine in the amount of up to 27 billion dollars over the next two years. "Of this, assistance from the IMF will range between 14-18 billion dollars, with the precise amount to be determined once all bilateral and multilateral support is accounted for," reads the statement. The IMF mission said that following the intense economic and political turbulence of recent months, Ukraine has achieved some stability, but faces difficult challenges. The program will focus on reforms in the monetary and exchange rate policies; the financial sector; fiscal policies; the energy sector; governance, transparency, and the business climate.