The International Monetary Fund (IMF) will conduct the first review of
the implementation of its program of cooperation with Ukraine on
November 30, 2010, reads a memorandum of cooperation posted on the
fund's official website.
Depending on the results of quarterly reports (compiled from November 2010), Ukraine will receive access to the following nine tranches in a total amount of SDR 8.75 billion, with SDR 1 billion receiving each on November 30, 2010, March 15, 2011, June 15, 2011, September 15, 2011, December 15, 2011, March 15, 2012, June 15, 2012, September 15, 2012, and the ninth tranche of SDR 750 million on December 15, 2012.
The money will be available upon the Board's approval of the arrangement. IMF also voiced the prior actions for Ukraine within the framework of the tranches, which are:
- to enact a supplementary budget with fiscal measures of UAH 16 billion and consistent with a 5.5 percent of GDP deficit for the general government in 2010 and the commitments in the MEFP;
- to increase gas tariffs for all households and utility companies by 50 percent (effective August 1, with the coming billing cycle);
- enact amendments to the NBU law in line with IMF recommendations;
- amend NBU Resolution 47 (to strengthen the emergency liquidity assistance framework and eliminate the possibility of NBU lending to the private sector) in line with IMF recommendations;
- adopt legislation transferring the authority for setting heating tariffs for communal utilities to a new
independent regulator.
As reported, on July 29, 2010, the IMF approved the allocation to Ukraine of a loan of USD 15.15 billion required to reduce the budget deficit at the expense of painful economic reforms. The loan exceeds by over seven times Ukraine's quota calculated on the basis of countries' contributions to the fund's budget. The IMF agrees quite rarely to such loans.
Depending on the results of quarterly reports (compiled from November 2010), Ukraine will receive access to the following nine tranches in a total amount of SDR 8.75 billion, with SDR 1 billion receiving each on November 30, 2010, March 15, 2011, June 15, 2011, September 15, 2011, December 15, 2011, March 15, 2012, June 15, 2012, September 15, 2012, and the ninth tranche of SDR 750 million on December 15, 2012.
The money will be available upon the Board's approval of the arrangement. IMF also voiced the prior actions for Ukraine within the framework of the tranches, which are:
- to enact a supplementary budget with fiscal measures of UAH 16 billion and consistent with a 5.5 percent of GDP deficit for the general government in 2010 and the commitments in the MEFP;
- to increase gas tariffs for all households and utility companies by 50 percent (effective August 1, with the coming billing cycle);
- enact amendments to the NBU law in line with IMF recommendations;
- amend NBU Resolution 47 (to strengthen the emergency liquidity assistance framework and eliminate the possibility of NBU lending to the private sector) in line with IMF recommendations;
- adopt legislation transferring the authority for setting heating tariffs for communal utilities to a new
independent regulator.
As reported, on July 29, 2010, the IMF approved the allocation to Ukraine of a loan of USD 15.15 billion required to reduce the budget deficit at the expense of painful economic reforms. The loan exceeds by over seven times Ukraine's quota calculated on the basis of countries' contributions to the fund's budget. The IMF agrees quite rarely to such loans.
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