Tuesday, May 10, 2016

IMF mission starts working in Ukraine. The delay was due to the lack of specifics with the budget for 2016

The International Monetary Fund (IMF) mission headed by Ron van Rooden arrived in Ukraine where it will work until May 18, Ukrainian Finance Ministry said on Tuesday.

The IMF mission will discuss the question of revising Ukraine's financing program - the second part of a four-year Extended Fund Facility program (EFF) with the Ukrainian authorities.

In late April of 2014, the IMF approved the "stand by" loan program for Ukraine in the amount of $17.1 bln for two years. In early May of 2015, Kiev received the first tranche for $3.2 bln, and in August it received the second in the amount of $1.7 bln.

The third tranche was expected in December 2015, but Ukraine did not receive it.

According to media reports, the delay was due to the lack of specifics with the budget for 2016 and the political crisis in the Ukrainian government.

  • The agreement with the IMF envisages a number of commitments, including increasing utility tariffs. Starting from May 1, the Ukrainian government has set a single price for gas for the population, abandoning the so-called social prices. 

The uniform price of gas for the population of Ukraine currently totals 6,878 hryvnia ($275) per 1,000 cubic meters.

Earlier, the social price (for gas consumption of up to 200 cubic meters per month) amounted to 3,600 hryvnia per 1,000 cubic meters ($144).


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