Economic Insight-Ukraine and the IMF: New SBA deal to unlock FX financing
The IMF and Ukraine reached a priliminary agreement on a new US$3.9bn 14-month Stand-By Arrangement (SBA) on Friday, 19 October. The new SBA programme replaces the previous Extended Fund Facility (EFF) and provides Ukraine with double the funds compared with those left from the EFF. Resuming cooperation with the Fund enables Ukraine to unlock financing from other international financial institutions, and tap the Eurobond markets as soon as this year, in order to meet the challenging US$12bn in FX obligations in 4Q18-2019. Increased availability of external funding should boost Ukraine's FX reserves to US$20bn as of YE2018 and provide some support to the depreciating hryvnia.
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