The International Monetary Fund (IMF) said on Wednesday, 25 February, that the four-year loan program for Ukraine that its executive board is scheduled to approve on 11 March provides for disbursement of a significant initial tranche necessary for immediate stabilization of the financial situation in the country, the Wall Street Journal (WSJ) writes, according to the Interfax news agency.
"The disbursements under the program will be heavily front-loaded, including a significant initial disbursement upon approval," WSJ quoted a statement by the IMF. According to the fund, this will help achieve “rapid macroeconomic stabilization."
The IMF confirmed that its executive board’s meeting on Ukraine is tentatively scheduled for 11 March if the Ukrainian parliament approves the package of draft laws agreed with the fund by that date.
As reported, the draft laws have already been introduced in the parliament. They are draft amendments to the Budget Code (No. 2209), the Tax Code (No. 2210), and the Customs Code (No. 2211); draft amendments to the law on pensions (No. 2212); draft amendments to articles 165 and 252 of the Tax Code, which regulate the income not included in the calculation of the monthly (annual) taxable income and taxable rent for transportation of crude oil, petroleum products, natural gas, and ammonia (No. 2213); a draft law on stabilization of the financial state of the Naftogaz of Ukraine national oil and gas company (No. 2214).
The IMF should provide Ukraine a total of USD 17.5 billion as part of an international aid program, out of which USD 10 billion may be provided this year.