The Executive Board of the International Monetary Fund (IMF) today completed the first review of Ukraine’s economic performance under the 2-year Stand-By Arrangement (SBA), and approved the immediate release of the second tranche under the arrangement equivalent to SDR 1.9 billion (about US$2.8 billion). This will bring total disbursements under the SBA to SDR 4.9 billion (about US$7.3 billion).

With the completion of this review, the Executive Board agreed to rephase the disbursements under the SBA, including the increase of this second tranche from the original amount of SDR 1.3 billion (about US$1.9 billion). The Board also granted waivers of nonobservance of performance criteria pertaining to the cash deficit of the central government, the passage of the budget, exchange rate restrictions, multiple currency practices, and the imposition of import restrictions, which the authorities have agreed to remove fully in the near future.

The SBA with Ukraine was approved on November 5, 2008 in an amount equivalent to SDR 11 billion.