FINANCIAL ASSISTANCE AND REFORM
Based on current arrangements, a second tranche of US$371 million could be discussed to Ukraine under the STF, consistent with full implementation of the current reform program.
In addition, up to US$1.5 billion could be available over a twelve- month period beginning in 1995 from the IMF under a Stand-By Arrangement, conditional on implementation of a commensurately strong and comprehensive reform program. Participants declare their intention to support Ukraine fully in the development of an SBA program, noting key policy requirements that such a step would imply.
The World Bank and EBRD could commit in excess of US$1.5 billion in project and adjustment loans over the next two years, provided that Ukraine fully respect the policy requirements of the prospective STF and SBA programs, and implements structural reforms supported by the World Bank.
Additional resources would be available from the IMF if current IMF arrangements were altered to increase the STF amounts from 50% to 85% of quota, and an SDR agreement were reached.
Participants looked forward to early convening by the World Bank of a Consultative Group meeting to complement the 1995 reform program and likely assistance from multilateral sources, and pledged their governments' continuing support in line with Ukraine's own efforts to improve its circumstances.
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