Investor Presentaiton
Status of cooperation between Ukraine and the IMF
New 18-months US$ 5.0bn SBA program
On May 21, 2020, a Staff Level Agreement on a new 18-month SDR 3.6bn
(c. US$ 5.0bn) arrangement under the Stand-By Arrangement (SBA)
was agreed and approved by the Executive Board on June 9. It replaced
the Staff Level Agreement on a 3-year Extended Fund Facility (EFF)
program which was achieved in December 2019 and the Executive Board
approval that was made afterwards
According to the IMF, the decision to shift was made given “the unprecedent
uncertainty surrounding the economic and financial outlook and the need to
focus policy priorities on near term containment and stabilization"
The SBA program will enable Ukraine to effectively manage the economic
and health impact of Covid-19 providing balance of payment and budget
support within a policy framework
"When recovery is in place, the focus could shift back to addressing
Ukraine's longer term structural reform needs to foster stronger and more
inclusive growth"
Past EFF and SBA programs
December 1, 2020
May 15, 2021
October 15, 2021
Availability date / Reviews
SDR m
US$ m¹
SBA 2020 program (US$ 5.0bn, 179% of quota)
June 9, 2020
1,500
2,076
September 1, 2020
500
691
500
691
400
553
700
967
Total SBA program
3,600
4,973
SBA 2018 program (US$ 3.9bn, 139% of quota)
December 18, 2018
1,000
1,391
Total SBA program
1,000
1,391
EFF 2015 program (US$ 17.5bn, 900% of quota)
March 11, 2015
3,546
4,879
July 31, 2015 [1st review]
1,182
1,659
September 15, 2016 [2nd review]
716
1,003
April 3, 2017 [3rd review]
734
996
Total EFF program
6,178
8,537
Typical duration
Program design
Duration for Ukraine
Amount planned to be
received by Ukraine
over 2020-2021
Sources IMF, Ministry of Finance
EFF program
36 months, max 48
months, longer
engagement and
repayment period
Strong focus on
structural adjustment
36 months
SBA program
12-24 months, max 36
months, shorter
engagement and
repayment period
| Fewer conditions, focus
on objectives
18 months
US$ 5.0bn
US$ 5.0bn
Key priorities under new IMF's 2020 SBA program:
Mitigating the economic impact of the crisis, including by
supporting households and businesses
Ensuring continued central bank independence and a
flexible exchange rate
Safeguarding financial stability while recovering the costs
from bank resolutions
Moving forward with key governance and anti-corruption
measures to preserve and deepen recent gains.
Note 1 Past tranches translated at NBU XDR/US$ exchange rate as of the date of their receipt,
future tranches (SBA 2020 program) translated per the IMF's rate of 0.7238 SDR/USD as of
June 23, 2020
July 2020
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