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Concorde Capital Research: IMF says board meeting on Ukraine to convene after Dec. 10

November 29, 2018 | Cbonds

The meeting of IMF executive board to discuss the Stand-By Arrangement with Ukraine would be convened promptly after Ukrainian authorities complete all the agreed upon tasks, which are expected to be happen by Dec. 10, IMF Managing Director Christine Lagarde stated on Nov. 28. According to the IMF’s press release, its staff has preliminarily concluded that the parameters of Ukraine’s 2019 budget are “satisfactory.” Largarde had a call with President Petro Poroshenko on Nov. 28 to discuss the cooperation. “We reaffirmed the positive and cooperative relationship between Ukraine and the IMF,” she said.

Alexander Paraschiy: All this confirms our expectation that Ukraine will receive the first tranche under new USD 3.9 bln stand-by loan program with the IMF by the end of this year. Most likely, the IMF’s board meeting will be scheduled closer to the date of the World Bank board’s meeting to discuss Ukraine, which is Dec. 18. Remarkably, the IMF sees no impediments for the tranche from Ukraine having imposed martial law in some of its regions.

The only unknown parameter is the size of the upcoming tranche: based on various messages from Ukraine’s officials, it should be in the range between USD 1.4 bln and USD 2.0 bln. Most likely, the amount will be closer to the lower bound of this range.

Company: Concorde Capital

Full company nameConcorde Capital
Country of riskUkraine
IndustryFinancial institutions

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