IMF expects more efforts from Ukraine to fight corruption, - Vacher

Source : 112 Ukraine

The IMF Permanent Representative said the country has achieved a lot for the last three years, though very much yet is to be done
16:51, 10 March 2016


The IMF marked Ukraine’s progress in a number of areas, but it still expects more efforts in combating corruption in the country. Jerome Vacher, the Fund’s Permanent Representative in Ukraine, said this during the 12th investment conference held by Dragon Capital Company in Kyiv on Thursday.   

“I’ve been representing IMF in Ukraine since May 2013. Today’s National Bank of Ukraine is very much different from the one back then, in 2013. Significant changes for the better had positive impact on our cooperation. We’re witnessing progress in macroeconomic, monetary and fiscal policy in Ukraine. Progress in energy sector is another great achievement”, Vacher said.       

Meanwhile, the IMF expects Ukraine to put more efforts to combat corruption. “There’s a serious lack in this area. One can’t really say that nothing is being done, but the current efforts are not enough”, the official said as quoted by RIA Novosti news agency.

IMF Managing Director Christine Lagarde urged Ukrainian leaders to keep on with the reforms; otherwise the Fund might shut down the program of the country’s financial assistance.    

The four-year EFF program totaling about $17 billion opened in March 2015.The first tranche of $5 billion originally foresaw a quarterly revision of the program, the issue of another three tranches of about $1.5 billion each in 2015 and the decrease in quarterly tranches in 2016-2018 to $610 million.

Ukraine has so far received two IMF loans. Part of the sum went to cover the government expenses. Making the decision on providing the next loan, the IMF will assess how much of its commitments Ukraine fulfilled by late 2015. In case of positive decision, Ukraine might get the next loan in February 2016.

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