Finance Ministry promulgates Ukrainian translation of updated technical memorandum of Stand-By Arrangement with IMF

Ukraine's Ministry of Finance on October 8 posted on its Web site the Ukrainian translation of the Technical Memorandum of Understanding dated August 18, 2014, prepared under the first revision of the Stand-By Arrangement with the International Monetary Fund (IMF) and replacing the first version of April 22 this year.

The technical memorandum contains the agreed position of the parties with respect to the variable parameters of the program and methods of evaluating its effectiveness and is inferior in importance than the main Memorandum of Economic and Financial Policies, but both documents provide a complete picture of the agreements between Ukrainian authorities and the IMF on the implementation of the Stand-By Arrangement.

The fund, which in late August approved the issue of the second tranche after the first revision of the program, published the two documents in early September, while the updated Memorandum of Economic and Financial Policies, posted by the National Bank, has been recently available in the Ukrainian language.

The revised technical memorandum, in particular, contains the forecast for the eurobond placement and receipt of financial assistance from other international financial institutions until the end of September and December this year. In particular, it was assumed that Ukraine in August-September through the issuance of eurobonds will raise $2 billion, will receive $500 million from the World Bank, $357 million from the EU and $100 million from Japan and Canada. In fact, Kyiv has received $500 million from the World Bank, $200 million from Canada and $100 million from Japan.