OREANDA-NEWS. June 27, 2014. Minister of Finance of Ukraine Olexandr Shlapak met with the mission of the International Monetary Fund headed by Nikolay Georgiev. This event launched the first considering of the Stand-by loan program by the fund’s mission on the results of which they will take a decision concerning providing a second loan to Ukraine.

It should be mentioned in late April the IMF Council approved a two-year credit for Ukraine’s economy worth USD 17.01 billion. The first tranche was transferred in early May worth USD 3.19 billion.

According to Nikolay Georgiev it is crucial to analyze what has been done from the moment the program was launched. Hence, the technical IMF mission has to primarily study the state of execution of structural beacons by end of May. 

Peculiar attention will be paid to the state of economic reforms and execution of budget showings. In particular, the Mission will analyze the current state of implementation of the budget (January-May, 2014) and by the end of year as well.

The Finance Minister of Ukraine assured the Ukrainian side is open for dialog and cooperation. He also noted forming of draft budget for 2015 is passing an active stage.

In the end of the week Minister of Finance of Ukraine Olexandr Shlapak is due to meet with Deputy Director of the IMF European department Poul Tomsen, which is planned for in order to discuss all the lines of the first considering of the joint with the IMF Stand-by program.

On the outcomes of the IMF mission there will be signed a Memorandum on economic policy.