(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, Dec 19 (KUNA) -- The Executive Board of the International Monetary Fund (IMF) approved Tuesday a 14-month Stand-By Arrangement (SBA) of about USD 3.9 billion for Ukraine, the IMF announced.
The IMF said in a statement that "the approval of the SBA enables the immediate disbursement of about USD 1.4 billion." "The remainder will be available upon completion of semi-annual reviews," it added. The IMF noted that the Board "also took note of Ukraine's decision to cancel the arrangement under the Extended Fund Facility for Ukraine" that was approved in March 2015.
The statement affirmed that the SBA "will provide an anchor for the authorities' economic policies during 2019 and focus on maintaining macro-economic and financial stability." IMF's First Deputy Managing Director and Acting Chair David Lipton said in this regard "the Ukrainian authorities have successfully restored macro-economic stability and growth, with support from the international community." He affirmed that "a new Stand-By Arrangement will provide an anchor for the authorities' economic policies during the coming year, preserving recent economic gains and paving the way for higher sustainable growth." "Together with support from the World Bank and the European Union, the arrangement will help Ukraine meet its financing needs," he noted. (end) si.rk