Page 34 - UKRRptAug18

Ukraine has received $8.4bn from the IMF so far under the lender's programme. However, the allocation of more tranches stalled in 2017 due to lack of progress in Ukrainian reforms, specifically, over establishing of an independent anti-corruption court .
Meanwhile, Evgeniya Akhtyrko at Kyiv-based brokerage Concorde Capital believes that Ukraine will encounter difficulty with maintaining international reserves in June, given increased payments on FCY-denominated debt (around $166mn to the IMF and $546mn on a local Eurobond redemption and coupon payment).
"To avoid reserves losses, this outflow might be compensated by receipts from a local bond placement (around $500mn) and a currency purchase on the ForEx (around $200mn)," she wrote in a note on June 6. "Most probably, international reserves in June will be close to the level of the previous month."
The National Bank of Ukraine (NBU) has lowered the forecast of international reserves by the end of 2018 to $20.7bn from $21.6bn, according to the Central Bank website. The main reason for the revision is a reduction in expectations regarding receipts from the placement of Ukraine's of eurobonds to $1.5bn from $2.5bn, Deputy Governor of the National Bank of Ukraine Dmytro Sologub said at a briefing in Kyiv on Thursday, July 12.
The forecast for the country's forex reserves for 2019 is reduced to $18.8bn from $19.1bn , for 2020 to $19.7bn from $20bn."Due to peak payments on foreign public debt in 2019 and 2020, the balance of payments will see a deficit and the international reserves will be somewhat reduced," the central bank said.
34 UKRAINE Country Report August 2018 www.intellinews.com