| Author (Corporate) | International Monetary Fund |
|---|---|
| Series Title | Press Release |
| Series Details | 20.03.14 |
| Publication Date | 20/03/2014 |
| Content Type | News |
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In the context of the serious economic situation in Ukraine (and with the ongoing political and security tensions within Ukraine and with Russia as further factors) the IMF said on the 20 March 2014 that at the request of the Ukrainian authorities, an International Monetary Fund (IMF) mission led by Mr. Nikolay Gueorguiev has been working in Kyiv since 4 March 2014. The fact-finding phase of its work was completed by 14 March 2014, and at the request of IMF management the team started negotiations with the Ukrainian authorities on a programme of economic reforms that could be supported by the IMF. The IMF announced on the 27 March 2014 that it had 'reached a staff-level agreement with the authorities of Ukraine on an economic reform program that can be supported by a two-year Stand-By Arrangement (SBA) with the IMF. The financial support from the broader international community that the program will unlock amounts to US$27 billion over the next two years. Of this, assistance from the IMF will range between US$14-18 billion, with the precise amount to be determined once all bilateral and multilateral support is accounted for' The IMF development paralleled action by the EU in March 2014. The European Commission had proposed on the 19 March 2014 new macro-financial assistance (MFA) to Ukraine of up to €1bn in medium-term loans. The new MFA programme, expected to be approved by the EU's Council of Ministers in the coming weeks, was part of the package of support to Ukraine announced by the European Commission on 5 March 204 and endorsed by the European Council on 6 March 2014. It was intended to assist Ukraine economically and financially in view of the critical challenges it was facing, notably a very weak and rapidly worsening balance-of-payments and fiscal situation, which was being worsened by the crisis. |
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| Source Link | Link to Main Source http://www.imf.org/external/np/sec/pr/2014/pr14116.htm |
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| Countries / Regions | Ukraine |
