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The main pillar of financial support for Ukraine is the IMF. In just 25 years of cooperation, the Fund provided the country with loans totaling $31.3 billion . Active borrowing occurred right after the Revolution of Dignity in 2014. In April 2014, the IMF approved a two-year stand-by (SBA) program for Ukraine costing about $17 billion, under which only $4.5 billion was allocated.
In the summer of 2014, it became clear that as a result of the events in Crimea and the conflict in southeastern Ukraine, a large-scale economic crisis has been triggered in the country. The current cooperation program between Kyiv and the IMF has been revised. In March 2015, the IMF replaced it with a new $17.5 billion expanded financing plan. According to it, Ukraine received $6.6 billion in 2015, and $1 billion each in the next two years. In return, the Ukrainian government agreed to take austerity measures: cut social payments, increase the retirement age and gas tariffs.
In December 2018, the IMF Executive Board approved a 14-month SBA program totaling about $3.9 billion, under which Ukraine managed to get only $1.4 billion. The assistance was not paid in full, as Kyiv could not fully meet the requirements of the Fund. Although Ukraine adopted a law creating an anti-corruption court, the stumbling block were slow increase in gas prices and a high budget deficit. However, soon cooperation was resumed.
To date, Ukraine has agreed with the International Monetary Fund on another support amounting to $5.5 billion. The conditions for the provision of financial assistance were the continuation unpopular with the people medical, land, and educational reforms, as well as the growth of utility bills. In June 2020, Kyiv received the first tranche under a new agreement in the amount of $2.1 billion. In general, since 2014, the IMF has provided Ukraine with loans totaling $16.7 billion.
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