The International Monetary Fund (IMF) due to the large-scale financial and economic crisis in the world because of COVID-19 and the general economic uncertainty about the duration and intensity of the consequences of the pandemic has changed the approach to the duration of programs with countries and offers Ukraine the option of cooperation on a short Stand-By Arrangement without reducing the size for the period of its operation, Ukraine’s Ministry of Finance has said.
“The main difference between these programs is the time frame for their implementation: Stand-By Arrangement for 1.5 years, Extended Fund Facility for 3 years … The amount of the program for the relevant periods remains unchanged,” the ministry said.
At the same time, the Ministry of Finance points out that while negotiations with the IMF are ongoing and the issue of program modality (EFF or Stand-By) is still being discussed.
“The government plans to finalize negotiations with the IMF next week,” the agency said.
