IMF and Ukraine Agreed on"Coronavirus" Loan

Kiev to receive about 5 billion dollars is under the stand-by program to overcome the economic the pandemic consequences. This became possible after adopting the "anti-Kolomoysky" law. On Thursday, May 21, the International Monetary Fund (IMF) announced it agreed with the Ukrainian authorities on an 18-month stand-by loan program under which Ukraine would receive about $ 5 billion for overcoming the coronavirus pandemic effects. As the IMF ‘s statement, the loan " aims to provide a balance of payments and budget support to help the authorities address the effects of the COVID-19 shock while consolidating achievements to date, and moving forward on important structural reforms to reduce key vulnerabilities." Negotiations with representatives of Ukraine were conducted by a foundation mission led by Ivanna Vladkova-Hollar. The management of the fund must approve reached agreements.   The "Antikolomoysky" law and cooperation between Kiev and the IMF IMF assistance was thawed after the Verkhovna Rada adopted the bill "On Amending the Legislative Acts of Ukraine regarding the Improvement of Some Banking Regulation Mechanisms". It does not allow to return commercial banks that the National Bank of Ukraine (NBU) withdrawn from the market to their previous owners by court order. This law was given the informal name of “anti-Kolomoysky” as it blocks country's largest “Privatbank” Igor Kolomoysky and Gennady Bogolyubov former owners and their partners’ attempts to return this credit and financial institution to their property. Adopting this document was critically important for the continued cooperation of Kiev with the International Monetary Fund and the World Bank.