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IMF insists on Anti-Corruption Court, market prices on gas in Ukraine

Among other tasks, Goesta Ljungman named holding off inflation and preserving policy of flexible exchange rate to support competitive ability of Ukrainian economics
12:53, 1 February 2018

Finance Ministry

Adopting the law on Anti-Corruption Court and bringing gas prices to marker level are the main conditions of completing the fourth consideration of the expanded financing program of the International Monetary Fund for Ukraine and allocation of the tranche. This was announced by Goesta Ljungman, IMF Resident Representative in Ukraine, reports Interfax-Ukraine.

Commenting on the cooperation, Ljungman noted that the purpose of introducing market prices on gas is to avoid artificial market segmentation for households and industry. 

“There are some conditions that have to be implemented. Those are attainable objectives: we hope for their prompts fulfilment,” Ljungman said.

Among other tasks, Goesta Ljungman named holding off inflation and preserving policy of flexible exchange rate to support competitive ability of Ukrainian economics.

International reserves of Ukraine grew 6.5 billion dollars, - up to 19 billion dollars, but it is necessary to   increase them more – to 30 billion dollars to provide protection from external shocks, Ljungman also noted.

Related: No soft options: IMF's ultimatum for Ukraine

In policy on raising salaries, he called to orient on the increase of labour efficiency as excessive raise will hinder the sustained growth.

As it was reported earlier Ukraine will not manage to receive the tranche of the International Monetary Fund in the first quarter of 2018.

Ukraine expects to fulfill all of its obligations under the IMF’s Extended Fund Facility before May 2018, which will help receive the next tranche of the loan, Ukraine’s Minister of Finance Oleksandr Danyliuk has said on January 25.

Among the most important conditions, Danyliuk mentioned the adoption of the law on Anti-Corruption Court and the appointment of the Head of the National Bank of Ukraine.

The four-year EFF program launched by the IMF in March 2015, amounting to of around $17.25 billion, initially envisaged quarterly reviews of the program. The first tranche of $5 billion, and the next three of around $1.65 billion each to be paid throughout 2015, and smaller quarterly tranches of $0.61 billion in 2016-2018.

Related: Ukraine expects IMF loan in April, - Poroshenko

Related: Soldier of 79th Air Assault Brigade dies in Donbas

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