The 18-month program of cooperation between Ukraine and the International Monetary Fund (IMF) will last until the end of June 2022. This is reported by the UNN with reference to the Ministry of Finance.

"The validity of the cooperation program is extended until the end of June 2022," - said in the Ministry of Finance.

In the IMF noted that they approved both the extension of the Stand-By agreement until the end of June 2022, and "the redistribution of payments under the program, as well as the request of the Ukrainian authorities to waive the December 2020 performance criteria for the state guaranteed debt in light of the corrective actions already taken."

Regarding this, the IMF itself noted that completion of the review would allow Ukraine to "raise about $699 million (500 million SDR), bringing total payments under the current SBA program to about $2.8 billion (2 billion SDR)."

"The funds received from the IMF will be used to ensure macroeconomic stability and will be used to finance the budget deficit," the Finance Ministry said.

Also in the Ministry of Finance noted that in order to receive the IMF tranche Ukraine has already carried out a number of systemic reforms, including the start of judicial reform, financial sector reform, elimination of threats to the anti-corruption infrastructure arising from the decisions of the Constitutional Court.

The IMF says the economic program, which the Fund supports, aims "to help the authorities overcome the effects of the COVID-19 shock, support economic recovery and move forward with important structural reforms to reduce key vulnerabilities."

"I thank the IMF representatives, who have long been our trusted partners. The decision to disburse the tranche is a result of the structural reforms we are undertaking and evidence that our country is on the right track. We have made significant efforts to achieve this result. Availability of the IMF program positively influences the international image of our country and opens a possibility of receiving financial support from a number of international partners", - Ukrainian Finance Minister Sergiy Marchenko said, welcoming the IMF Council's decision.

We shall remind you that on October 18, 2021 the IMF and Ukraine reached a working level agreement on completing the first review of the cooperation programme with the IMF, which was launched in June 2020 with the total amount of USD 5 billion.