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Ukraine: Economic Reforms Bring $100 Million in IMF Credit

Kyiv, August 1 (RFE/RL) -- The International Monetary Fund (IMF) has extended the latest tranche of stand-by credit to Ukraine after approving Kyiv's progress in implementing economic reforms.

The IMF's representative in Ukraine, Alex Sundakov, said today the fund's Board of Directors approved disbursement of about $100 million at a meeting in Washington yesterday. He said the decision followed an assessment of Ukraine's adherence to IMF guidelines.

Ukraine's Foreign Ministry issued a statement after the decision was announced saying the IMF had urged the government to "speed up reforms at the micro-economic level without easing up on progress towards structural change."

The latest tranche was part of nearly $900 million in credit approved by the IMF in May. About one-third of that amount was extended immediately.

An IMF mission is expected to visit Kyiv this month to negotiate a new extended program that could be started after the current stand-by credit ends next February.