IMF approves 18-month USD 5 billion stand-by arrangement for Ukraine

Washington D.C. [US], June 10 (Sputnik/ANI): The International Monetary Fund (IMF) said in a statement that it has approved an 18-month stand-by arrangement for Ukraine providing Kiev access to about $5 billion.

"The Executive Board of the International Monetary Fund (IMF) approved today an 18-month Stand-by Arrangement for Ukraine, with access equivalent to SDR 3.6 billion (about US$5 billion or 179 percent of quota)," the statement said on Tuesday.

The IMF said the approval of the new stand-by agreement enables the immediate disbursement of about $2.1 billion for Ukraine.

The assistance is expected to help Ukraine deal with the novel coronavirus disease (COVID-19) pandemic by providing balance of payments and budget support, the statement said.

IMF Managing Director Kristalina Georgieva said in the statement that the new stand-by agreement will focus on safeguarding medium-term fiscal sustainability, preserving central bank independence and the flexible exchange rate, and enhancing financial stability while recovering the costs from bank resolutions. (Sputnik/ANI)