The Executive Board of the International Monetary Fund (IMF) will consider July 28 the allocation for Ukraine of the third tranche of the IMF Stand-by Arrangement at SDR 2,125 (USD 3.31 under current rate), an IMF statement reads.

On July 23, President Viktor Yushchenko signed a letter of intent to the IMF.

The Cabinet of Ministers approved the letter of intent to the IMF on July 8 proposing that the IMF reduces inflation forecast in Ukraine up to 10-13% and increases fiscal deficit up to 5%.

On July 10, IMF Mission Chief in Ukraine Ceyla Pazarbasioglu said that the mission was planning to propose that the IMF Executive Board consider allocating USD 3.3 billion as the third tranche of its stand-by loan to Ukraine.

She noted that Ukraine has been fulfilling the conditions of the program and it has reached a good progress in solving banking sector problems. IMF Mission Chief also said the Fund had downgraded its forecast for the fall of Ukraine's GDP from 8% to 14% and also increased its forecast for Ukraine's state budget deficit from 4% to 6%.

In November 2008, the IMF approved a two-year stand-by facility of USD 16.43 billion for Ukraine, and allocated USD 4.5 billion as the first tranche of this loan. The second tranche of USD 2.8 billion came on May 12, 2009. The third tranche must run into USD 3.2 billion, and the fourth into USD 3.8 billion.
Source: UkrInform

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