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17:25
IMF OKAYS THIRD TRANCHE WORTH $3.3 B UNDER SBA WITH UKRAINE

Kyiv, July 29 (Interfax-Ukraine) – The Executive Board of the International Monetary Fund (IMF) has completed the second review of Ukraine’s economic performance under the two-year Stand-By Arrangement (SBA), and approved the release of the third tranche under the arrangement equivalent to SDR 2.12 billion (about $3.3 billion), the IMF said in a statement on Tuesday evening.

The sum total of the disbursements to Ukraine under the SBA as of today hit SDR 7 billion (about $10.9 billion).

"With the completion of this review, the Executive Board also approved the modification of a performance criterion on the fiscal deficit in response to a broadening of the fiscal deficit target to include the deficit of [oil and gas giant NJSC] Naftogaz [Ukrainy],” reads the statement.

As was reported earlier, the SBA, which is worth SDR 11 billion ($16.4 billion), was approved early in November 2008. A first tranche of SDR 3 billion under the SBA was allocated at that time.

The release of the second tranche worth SDR 1.9 billion (about $2.8 billion) under the SBA was approved on May 8, 2009.

The updated after the first review tranche schedule envisaged a third tranche of SDR 2.125 billion following the second review. A fourth tranche of SDR 2.5 billion (about $3.84 billion) will be transferred in the case of the successful completion of the SBA's third review, in November 2009.

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