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IMF expects Ukrainian authorities to make progress in reforms to provide second tranche under standby

Source : 112 Ukraine

IMF spokesperson Gerry Rice said the IMF was discussing with the Ukrainian authorities a number of requirements for the second tranche
12:18, 11 June 2021

IMF

The International Monetary Fund (IMF) is closely engaged with the Ukrainian authorities on progress in completing the first review of the $ 5 billion standby arrangement for the second tranche. IMF spokesperson Gerry Rice stated this during a briefing in Washington, as the press service of the Foundation reports.

Related: IMF announces amount of funds required to end pandemic

“So, we remain, I should say, closely engaged with the Ukrainian Authorities on progress towards concluding that first review. That means discussions around implementing the policies and reforms in that program. We have talked about those before,” Rice noted.

According to him, the objectives for that program, the strengthening of the governance of the National Bank is there, are included. Improvements to the legislative and regulatory framework for bank supervision and resolution are included. Policies to reduce the medium-term fiscal deficit. But also, and touching on what you asked about, legislation restoring and strengthening the anti-corruption framework, and the judiciary are also part of the discussion.

Related: Increase of expenses for vaccines is fastest way to enhance state finances, - IMF

On June 9, 2020, the IMF approved a new 18-month standby program for Ukraine at SDR3,6 billion (about $5 billion) with an immediate allocation of $ 2,1 billion with the first tranche.

Following the first tranche, four program reviews were scheduled: in June, September and December this year, and in June 2021, with these reviews completed on 1 September and 1 December this year and 15 May and 15 October next, respectively. The size of the second and third tranches - $700 million, the third - $560 million and the final fourth - $ 980 million.

The virtual mission of the first review of the standby program, which lasted from the end of 2020, ended in mid-February without a recommendation to allocate the second tranche.

Related: IMF demands from Ukraine’s authorities to increase gas prices for population

As it was reported earlier, the dismissal of Andriy Kobolev from the position of the head of Naftogaz Ukraine creates a threat of complication of talks between Ukraine’s government and the IMF on the provision of $5.5 billion of aid.

 

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