Economy 2022-11-15T05:11:18+02:00
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IMF Mission In Ukraine Will Focus On NBU's Independence, Reforms, And Anti-Corruption Institutions Enhancement

IMF Mission In Ukraine Will Focus On NBU's Independence, Reforms, And Anti-Corruption Institutions Enhancement

IMF, reforms, NBU, corruption, IMF Mission

During its work in Ukraine, the International Monetary Fund mission will focus on the matters of National Bank's independence, reforms, and enhancement of the anti-corruption institutions.

IMF Representative Gerry Rice has said this at a briefing in Washington on September 16, the Ukrainian News Agency reports.

"We will focus on issues related to strengthening the management and autonomy of the National Bank, reforms in the judicial sector, restoration and strengthening of the anti-corruption structure, as well as ensuring a stable fiscal state," he said.

The IMF representative confirmed that the mission will begin work in Ukraine in a virtual format in the second half of September.

According to Mr. Rice, the fund will continue to work with the Ukrainian authorities to implement the agreements outlined within the current stand-by program, which ends at the end of the year.

However, he could not specify the timing of the next tranche allocation for Ukraine or the possible continuation of the program.

As Ukrainian News Agency earlier reported, Prime Minister Denys Shmyhal announced on September 14 that the mission of the International Monetary Fund will start working on September 18, and a tranche of USD 750 million is expected in December this year.

Ukraine received over USD 2.7 billion from the IMF as a result of the allocation of Special Drawing Rights (SDRs) as part of assistance to IMF member countries to recover from the coronavirus pandemic.

In the period from December 21 to 23 and from January 11 to February 12, IMF specialists discussed with representatives of the Ukrainian authorities the progress in the implementation of measures and reforms that are part of the government's action plan supported by the stand-by agreement.

After that, IMF Resident Representative Mr. Gosta Ljungman said that more progress is needed in reforms in favor of completing the first revision of the program of cooperation with Ukraine.

In early March, Prime Minister Shmyhal named five key points for continuing cooperation with the IMF: the end of the heating season with a fixed gas price, the approval of macro indicators for 2022-2023 and three key issues - judicial reform (the law on the High Council of Justice), the law on strengthening the criminal liability for unfair declaration and the bill on the National Anticorruption Bureau (NACB).

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