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14:34 30 Dec 2020

Minister of Finance: two IMF tranches of 700 million postponed to 2021

Photo mof.gov.ua

Ukraine should receive 2 more tranches of $700 million from the IMF this year, but they have been postponed to next year.

Finance Minister Serhii Marchenko stated this in an interview with TSN.

"We received the first tranche of $2.1 billion in June. We should've received two more tranches of $700 million this year. They have been postponed to next year. Therefore, it's initially about $700 million that we will receive after reviewing the program and approving it at the level of the IMF mission and management.

Of course, Ukraine needs IMF loans. But no less important is trust in Ukraine as a partner. It is important for us to be in this program, to fulfill our commitments honestly, and maintain a trusting relationship. That's why we're taking steps in the process of negotiations that bring us closer to the tranche," the minister said.

According to him, the second round of talks with the IMF is scheduled for January.

"They (IMF mission – ed.) went on Christmas vacation. The second round will be in January. We will start working on the mission again in early January. The modality of the future program, the steps we have to take, structural beacons are discussed. We are discussing the period 2022-2023. How we'll balance the budget, the size of the deficit. This is a normal professional discussion with experts, with our partners," Marchenko explained.

According to him, the government has fulfilled all the markers for receiving the tranche.

"We've fulfilled all the markers related to government measures. These are market tariffs, the transformation of the tax, and customs services. From January 1, these two departments will work in the format of single legal entities. This is also the settlement of problem loans of state banks, etc.

But there are also measures on anti-corruption, reforms of the judiciary which, so to speak, remain relevant but don't depend only on the Ministry of Finance. And the Fund emphasizes on implementing these measures the most," he added.

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