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26.7 27.25
Economy 2019-08-15T06:06:11+03:00
Ukrainian news
IMF Mission Concludes Visit To Ukraine

IMF Mission Concludes Visit To Ukraine

The International Monetary Fund mission has concluded its visit to Ukraine.

The International Monetary Fund gave the preliminary findings in a press release, Ukrainian News Agency reports.

It reads that End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country.

The press release reads that the IMF mission, led by Ron van Rooden, visited Kyiv during November 3-17, to initiate discussions on the third review of the authorities' economic reform program supported under the Extended Fund Facility (EFF) arrangement.

"The mission held constructive discussions with the authorities on policies needed to complete the third review under the EFF arrangement. While good progress has been made, the authorities need some more time to implement policies to ensure medium-term fiscal sustainability - including adoption of the 2017 budget consistent with program targets - safeguard financial stability, and tackle corruption. Discussions on these policies will continue in the period ahead," reads the press release.

The IMF mission says that the Ukrainian economy is showing signs of recovery.

"Inflation has been successfully brought down, the central bank's international reserves have increased substantially, and growth is expected to reach 1and half percent in 2016 and pick up to about 2 and half percent in 2017," it reads.

The IMF mission believes that the strength and durability of the recovery depend crucially on the implementation of ambitious reforms to support Ukraine's transition to a full-fledged market economy.

GDP per capita in Ukraine is still very low - just 20 percent of the EU average, the second lowest level of all Central and Eastern European countries.

As Ukrainian News Agency earlier reported, the mission of the International Monetary Fund worked in Ukraine November 3-17.

The International Monetary Fund in September approved disbursement of a USD 1 billion tranche to Ukraine.

In its updated Memorandum of Cooperation with the IMF, Ukraine pledged to implement land reform and adopt a law that provides for gradually raising the retirement age for citizens.

In early October, the parliament extended the moratorium on sale of agricultural land by one year until January 1, 2018.

The National Bank of Ukraine previously expected the International Monetary Fund to disburse another USD 1.3 billion tranche to Ukraine by the end of 2016.

Больше новостей о: IMF tranche NBU EFF Ron van Rooden