Economy 2024-02-15T10:17:42+02:00
Ukrainian news
IMF Not Objecting To Higher Pensions

IMF Not Objecting To Higher Pensions

IMF, tranche, pension reform, pension, Reva

The International Monetary Fund does not object to the fact that the pension reform bill means higher pensions of millions due to re-calculation.

Social Policy Minister of Ukraine Andrii Reva announced this to the press, Ukrainian News Agency reports.

"Updating pensions is the responsibility of the Cabinet of Ministers... And we will not ask anybody... The IMF knows we will update the pensions and they have not articulated any objections against updated pensions and I hope they will not object," he said.

The Minister says the government is discussing with the IMF mission some minor technical issues.

The Minister expects that the National Reforms Council will consider the cabinet's pension reform bill May 22-28. The bill will be submitted to the Verkhovna Rada in June.

As Ukrainian News Agency earlier reported, on May 17, the Cabinet of Ministers endorsed the bill on pension reform.

On March 11, 2015, the International Monetary Fund approved the crediting program for economy of Ukraine using the EFF (Extended Fund Facility) program worth the total of USD 17.5 billion for the period of four years.

According to the memorandum between Ukraine and the IMF on economic and financial policy of Ukraine, the Verkhovna Rada of Ukraine shall adopt comprehensive pension reform before late April 2017 to take effect Japan 1, 2018.

This reform shall have the following features: a new set of retirement options, with a wider range of retirement ages than at present, offering an important degree of choice and dependent on total years of service, and with pension benefits that provide incentives for longer employment and later retirement; savings of at least 3 percent of GDP over the long term, including by lengthening the effective years of service at retirement; and an assurance that Ukrainian citizens have pensions that are proportionate to their contributions and adequate in real terms.

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