The International Monetary Fund should decide on the second bailout

On June 24, 2014 the meeting between Minister for Finance of Ukraine Olexander Shlapak and Nikolai Georgiev who headed the IMF’s mission took place. The talks commenced with reviewing the loan program titled «Stand by», what will entail making a decision by the IMF’s mission on whether to disburse another bailout to Ukraine, the press-service of the Ministry of Finance of Ukraine reports.

In addition, at the end of April the Council of the IMF approved the two-year loan package amounting to UAH $17,01 million to boost the economy of Ukraine. The first tranche making up UAH $3,19 billion was given at the beginning of May.

Nikolai Georgiev noted that it is necessary to analyse outcomes after the program was launched. Thus, firstly, the IMF’s technical task force should evaluate results reached by end of May – how efficiently the government has been moving the goalposts.

An issue of economy reformation and budget plan fulfiment will be put a special focus on. Besides, the IMF’s mission is going to analyse what progress has been made so far in implementing the budget plan (January - May 2014), and in the long term - by the end of year.

The Minister for Finance of Ukraine assured transparency and readiness of Ukraine for dialogue and cooperation. He told that the draft budget for 2015 is being formed now.

The next meeting between Minister for Finance of Ukraine Olexander Shlapak and Deputy Director of the IMF’s European Department Poul Thomsen is planned on the weekend; they will discuss all current issues ensuing after review of «Stand by» program with the IMF.

The Memorandum of Economic Policy will be the outcome of the IMF’s visit.