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IMF to review disbursement of bailout funds for Ukraine

Xinhua, May 5, 2016 Adjust font size:

The International Monetary Fund (IMF) announced on Thursday that its mission will be in Kiev next week for a review of a third tranche of a bailout package.

The mission will continue political discussions with the Ukrainian authorities in the context of the second review of the bailout, said Jerome Vacher, the IMF's Ukraine representative, in a statement.

The IMF team, led by Ron Van Rooden, will start its work on May 10 and conclude the visit on May 18, he said.

If the review is favorable, it would pave the way for a third tranche of the IMF's credit line for Ukraine, which was put on hold in 2015 over a political crisis in the country and slow progress in carrying out reforms and combating corruption.

The four-year cooperation program worth 17.5 billion U.S. dollars was approved by the global lender in March 2015 to keep the country's ailing economy afloat amid economic and political turbulence. It requested Kiev to implement a series of economic reforms, including those in financial, judicial and energy sectors.

In an attempt to secure the third tranche, Ukraine passed a key energy tariff reform in April, doubling gas prices for households.

In 2015, Ukraine received a total of 6.7 billion dollars from the global lender in two tranches of the aid package. Endi