Kyiv, Dec. 1 (Interfax) - The International Monetary Fund (IMF) mission led by Ceyla Pazarbasioglu arrived in Kyiv on Monday, the IMF office in Ukraine told Interfax-Ukraine.
The mission will work in Ukraine until Dec. 9, it said.
It was reported that after an anti-crisis law was passed and a memorandum was signed by Ukraine’s president, prime minister and National Bank chief, the IMF decided to allocate a standby loan to Ukraine in the amount of SDR (Special Drawing Rights) 11 billion ($16.5 billion), of which the National Bank of Ukraine has already received SDR3 billion.
The mission is expected to conduct quarterly inspections of how Ukraine complies with the memorandum. If it does comply, the next disbursement will arrive on February 15 (SDR 1.25 billion), then on May 15 (SDR 2.5 billion), Aug. 15 (SDR 0.75 billion) and Nov. 15 (SDR 2 billion) in 2009.
During the third review of the program the IMF will set quantitative and structural criteria for allocating its funds in 2010.
