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The IMF approved a program of support to Ukraine five billion dollars

The Board of governors of the International monetary Fund has approved a new program to support Ukraine in 18 months with a total volume of $ 5 billion, according to a press release of the Fund.

The first tranche will amount to about $ 2.1 billion, the report says.

The remaining funds will provide four tranches.

The IMF said that Ukraine needs more reforms for economic growth. At the same time pandemic coronavirus has added to the uncertainty, and the economy is projected to seriously decline in 2020.

"Budget is expected to 2020 will have a heavy impact, the revenues will fall sharply and will need a large emergency spending to combat the crisis," said Fund.

The new program replaced the previous 14-month, approved in December 2018. New program focuses on reducing the negative consequences of the crisis, support for the independence of the Central Bank and flexible exchange rate, and on maintaining financial stability after the process of Bank rehabilitation.

"The new agreement stand-by will give support to the efforts of the authorities to combat the impact of the crisis and at the same time, ensure macroeconomic stability and maintain the current achievements. Together with the support of the world Bank and the European Union, the programme will help to cope with large funding needs (of the country)," said the managing Director of the IMF Kristalina Georgieva.

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