Ukraine was the IMF`s third largest borrower in May 2010, after Romania ($12.5 billion) and Hungary ($11.6 billion).  On July 28, 2010, the IMF approved a 29-month loan to Ukraine for $15.15 billion.  This led in particular to an increase in household prices of natural gas in homes in July 2010 for Ukrainian consumers (a central requirement of the IMF in exchange for the loan).  The Fund stated on 20 December 2013 that the second Azarov government had only partially implemented the 2010 agreements, ”and in this context, the programme had not been implemented.  ”International Monetary Fund (IMF) staff and the Ukrainian authorities have reached a staff-level agreement on economic policy for a new 18-month pending arrangement (SBA). The new SBA, which has requested access of SDR 3.6 billion ($5 billion), aims to provide balances of payments and budgetary support to help the authorities cope with the effects of the COVID 19 shock, while consolidating previous results and pursuing major structural reforms aimed at reducing key weaknesses. This will ensure that Ukraine is well equipped to return to growth and resume its broader reform efforts after the end of the crisis. The agreement should also benefit from additional bilateral and multilateral financial assistance. KYIV, Oct 28 (Reuters) – Ukraine has made significant progress in implementing its commitments under an agreement with the International Monetary Fund, Ukrainian Prime Minister Denys Shmygal said on Wednesday. ”The agreement is subject to approval by the Fund`s management and the IMF`s Executive Board. The council`s reflections are expected in the coming weeks. Washington, DC – An International Monetary Fund staff team, led by Ivanna Vladkova Hollar, made long distance phone calls with the Ukrainian authorities on May 21 and reached an economic policy agreement for a new 18-month pending arrangement (SBA).
In December 2013, Ukrainian Prime Minister Mykola Azarov noted the ”extremely difficult conditions” of a renewed IMF loan submitted by the Fund on 20 November of the same year. The conditions, which include drastic budget cuts and a 40% increase in natural gas bills, were the last argument supporting the Ukrainian government`s decision to suspend preparations for the signing of the Association Agreement between Ukraine and the European Union on 21 November 2013.    The decision to postpone the signing of the agreement gave rise to Euromaïdan`s protests.  [nb 1] On 7 December 2013, the IMF made it clear that it would not insist on a 40% increase in gas tariffs in a 40% phase; The Fund recommended a gradual increase to an economically justified level, with compensation for the poor in the form of increased social assistance.  On 10 December 2013, Ukrainian President Viktor Yanukovych said: ”We will certainly resume THE IMF negotiations.