07 March 2017 Current Affairs: The International Monetary Fund reached a preliminary agreement with Ukraine on an updated Memorandum of Economic and Financial Policies on March 4, 2017.
The agreement will pave way for the IMF’s Executive Board to consider the third review of the arrangement under the Extended Fund Facility (EFF) and disburse fresh aid of $1 billion (0.9 billion euros) to Ukraine in the first half of March 2017.
The International Monetary Fund approved a $17.5 billion loan program for 4 years for Ukraine in 2015 to help the former Soviet republic financially amid a conflict with pro-Russia rebels.
Disbursements under the programme have seen repeated delays over the past two years due to stop-start progress on reforms. So far Ukraine has received $7.7 billion under the programme.
After the latest consultations with the IMF conclude, the disbursement of the fourth tranche must be approved by the Fund’s Board at a meeting in Washington.
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