The IMF and Ukraine reached a preliminary agreement on the loan for 5 billion dollars

It is reported on the credit stand-by

The international monetary Fund (IMF – Ed.) and the Ukrainian authoritieshave reached agreement at staff level Fund for a new mechanism of stand-by credit for five billion dollars to 1.5 years.

This is stated in a statement released by the head of the IMF mission Ivanna vladkova the-Hollar.

Held in a remote format the consultation was completed on may 21. The loan will be directed in particular at combating the pandemic of the novel coronavirus. The agreement must approve the Executive Board of the Fund.

We will remind, earlier the Cabinet approved a draft letter of intentthat will be sent to the IMF in preparation for the new programme of cooperation. It is expected that the first tranche from the IMF may amount to about USD 1.9 billion.

And in the Ukrainian Finance Ministry expects the tranche to the end of may 2020.

Note that the IMF loan will be partly used to offset the state budget deficit. In particular, for these purposes will spend the entire first tranche.

Overall, as repeatedly stated by President of Ukraine Volodymyr Zelensky, Ukraine plans to continue cooperation with the IMF: