Ukraine's PM applauds the IMF's decision on a new loan

KIEV: The decision of the International Monetary Fund's (IMF) Executive Board to accept the second tranche of around USD700 million for Kiev has been welcomed by Ukrainian Prime Minister Denys Shmyhal, according to the Ukrainian government press office.

According to sources, Shmyhal stated in a statement released on the government website on Tuesday that the new allocation illustrates the progress Ukraine has made in pursuing a reform programme. He stated that the monies will be used to help Ukraine's financial system remain stable and to tackle the Covid-19 pandemic.

The IMF finished its first review of Ukraine's economic performance under the 18-month Stand-By Arrangement (SBA) on Monday, clearing the path for Kiev to receive the second tranche of the USD5 billion programme.

The SBA, which was set to expire in December this year, was also extended to the end of June 2022 by the global lender. The SBA will be granted to Ukraine in June 2020. Since then, the Eastern European country has only received the first USD2.1 billion tranche of the initiative.

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