Stand-by

Memorandum on Economic and Financial Policies, endorsed by the IMF Board of Directors on December 18, 2018, provides an outline of the policies and strategies Ukraine intends to follow during the 14-month program, as well as the specific steps required for successful review and receipt of subsequent tranches.

The document contains directions of Ukraine's work in the spheres of monetary and exchange rate policy, budget policy, as well as policies in the energy and financial sectors, government, governance of state enterprises and business climate, as well as 8 structural lighthouses.

The implementation of the provisions of the Memorandum will enable the program to bring $ 3.9 billion of financial support from the IMF to the end of the program, which will go to the reserves of the National Bank of Ukraine. This will strengthen the national currency and help create a stable and predictable investment climate.

The decision to launch a new program and grant the first tranche was made at a meeting of the IMF Board of Directors on December 18, 2018. On December 20, 2018, Ukraine received the first tranche of 1 billion special drawing rights (approximately $ 1.4 billion) under the program of cooperation with the IMF.

Its receipt gave Ukraine the opportunity to attract other international financial support. So, on December 18, 2018, Ukraine received a $ 750 million financial guarantee from the World Bank, which, on December 27, attracted a loan of EUR 349.3 million provided by Deutsche Bank. The text of the document is avaliable following the link.