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Bonds News

Ukraine will submit memorandum to IMF this week - cbank chief

KIEV, Feb 1 (Reuters) - Ukraine plans to submit a new memorandum of understanding to the International Monetary Fund this week, opening the way for the release of another loan tranche, central bank chief Valeriia Gontareva said on Monday.

Ukraine agreed last year to a $17.5 billion four-year bailout programme from the Fund, but the disbursement of the third instalment, worth $1.7 billion, has been delayed since October.

“Everything is ready ... it (the memorandum) will be sent this week,” Gontareva said in a meeting.

Gontareva did not give any details of the document’s contents but previous memorandums have outlined Ukraine’s economic reform pledges adjusted to the latest situation in the country.

Submitting the memorandum this week could pave the way for the disbursement of a third tranche of IMF cash within the next two to three weeks, Gontareva said.

A decision by the Fund to dispense the cash would unlock additional international financial aid, including $1 billion of U.S.-backed bonds.

Funding stalled in the last quarter of 2015 due to disagreements in parliament over IMF-led tax reforms, but the budget was successfully passed before the new year. (Reporting by Natalia Zinets; Writing by Alessandra Prentice; Editing by Toby Chopra)

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