According to the statement, the completion of the review of Ukraine’s Extended Arrangement under the Extended Fund Facility (EFF) "enables the disbursement of SDR 1182.1 million (about US$1.7 billion), which would bring total disbursements under the arrangement to SDR 4.72 billion (about US$6.68 billion)."
Kiev expects the funds to be transferred by the IMF in early August, Deputy Finance Minister Artem Shevalev said earlier in the day.
According to Ukrainian Deputy Prime Minister Hennadiy Zubko, part of the second IMF tranche will be allocated to help settle Kiev's gas debt.
On March 11, the IMF approved a four-year $17.5-billion assistance package to support Ukraine government’s economic program, which aims to put the ailing economy on the path to recovery, restore external sustainability, strengthen public finances, and support economic growth by advancing structural and government reforms.
The overall financial aid package to Kiev amounts to about $40 billion, to be administered over the next four years; comprising loans from the IMF, the United States and the European Union among others.
Ukraine increasingly relies on external financial assistance to reanimate its stagnant economy amid a deep recession and high inflation since it initiated a military campaign against independence supporters in the east of the country.
