The mission of the International Monetary Fund (IMF) will begin revising the Stand-By Arrangement (SBA) as soon as the 21st of September.
Soon, the IMF mission in Ukraine will start work on the revision of the Stand-By Arrangements with Ukraine, said the Ukrainian fund representative, Vladyslav Rashkovan, according to Interfax-Ukraine.
“The mission could start work in 10-12 days,” he said at a conference in Kyiv on Saturday.
The work will be done remotely, but there is still a chance that the chief of the mission, Ivanna Vladkova Hollar, will arrive in Kyiv. This is dependent on the developments in regards to COVID-19.
In June last year, Ukraine was given the first 2.1 billion USD tranche of a 5 billion USD loan. In exchange for reforms, it was agreed that Ukraine should receive the rest at a later stage, but Ukraine never lived up to the expectations of the IMF, and hence the money was never paid out.
Shortly after the tranche was paid out, Governor of the National Bank of Ukraine, NBU, resigned citing political pressure. This raised serious questions about whether or not NBU was allowed to work as an independent institution, which was one of the few requirements by the IMF.
Since then, the new management has replaced the entire board of managers with new people, and a lot of the department heads in IMF has left the bank because of what they see as a lag of institutional integrity.