IMF Managing Director Signals Backing of Next Aid Tranche to Ukraine

IMF Managing Director stated that Ukraine has fulfilled conditions necessary to receive the International Monetary Fund financial aid and the IMF board should be supportive of Kiev’s efforts.

WASHINGTON (Sputnik) – Ukraine has fulfilled conditions necessary to receive the International Monetary Fund (IMF) financial aid and the IMF board should be supportive of Kiev’s efforts, IMF Managing Director Christine Lagarde said in an online news conference on Wednesday.

“We are seeing a very strong political determination, and we are due to have the first review of the second program this Friday…which I hope will be very conclusive and will be supportive of the efforts,” Lagarde said.

She added that the Ukrainian authorities “have actually delivered.”

On July 2, the IMF and Ukrainian authorities agreed on policies Kiev will have to implement in order to receive a $17.5 billion loan. The IMF management and the executive board are expected to approve the agreement on Friday.

On March 11, the IMF approved a four-year program of financial aid to Ukraine, which stipulates a $17.5 billion loan over the next four years. However, the Ukrainian government has to implement new policies for the IMF to disburse the funds.

Ukraine's total debt is estimated at $50 billion. The IMF has previously stated it will keep lending money to Kiev even if it halts debt repayments.