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Politics 2019-08-15T04:08:47+03:00
Ukrainian news
IMF Mission Ready To Return To Ukraine After Election Of Rada, Formation Of New Cabinet

IMF Mission Ready To Return To Ukraine After Election Of Rada, Formation Of New Cabinet

The mission from the International Monetary Fund is ready to return to Ukraine after a snap parliamentary election and formation of a new Cabinet of Ministers.

The International Monetary Fund announced this in a statement, Ukrainian News Agency reports.

The mission, which was led by Ron van Rooden, was in Kyiv from May 21 to 29 to discuss the latest political and economic events in the country.

"The IMF staff team has had very productive discussions with the Ukrainian authorities, including with President Zelenskyi, on the review of Ukraine’s Stand-By Arrangement with the IMF. The team has found that fiscal and monetary policies remain on track, and it stands ready to return to Kyiv to continue discussions after the forthcoming parliamentary election as soon as a new government has clarified its policy intentions," van Rooden said.

As Ukrainian News Agency earlier reported, sources earlier disclosed that the IMF mission was shortening its work in Ukraine and that it would not review its loan program for the country.

The IMF approved a Stand-by loan program worth USD 17.01 billion for Ukraine in late April 2014 and disbursed USD 3.19 billion as the first tranche in early May 2014.

The board of directors of the International Monetary Fund approved disbursement of USD 17.5 billion to Ukraine on March 11, 2015, under the four-year Extended Fund Facility (EFF) loan program, which replaced the Stand By loan program.

The IMF decided to replace the Stand-by loan program with the Extended Fund Facility loan program due to the longer-term requirements of Ukraine’s balance of payments.

Ukraine and the International Monetary Fund reached agreement on a new Stand-By Arrangement (SBA) in October 2018.

The new SBA, with a requested access of SDR 2.8 billion (the equivalent to USD 3.9 billion), will provide an anchor for the authorities’ economic policies during 2019.

Building on progress made under the EFF arrangement in reducing macro-economic vulnerabilities, it will focus in particular on continuing with fiscal consolidation and reducing inflation, as well as reforms to strengthen tax administration, the financial sector, and the energy sector.

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