IMF mission completes work in Ukraine: Decision to review stand-by program not made

Source : 112 Ukraine

The unsuccessful completion of the mission means that Ukraine will not receive the next tranche from the Fund
14:19, 13 February 2021

Finance Ministry

The International Monetary Fund's (IMF) mission completed its work in Ukraine. However, the decision to review the stand-by program has not yet been made. This is stated in the comments of the IMF Resident Representative in Ukraine Gösta Ljungman, as Ukrinform reports.

According to Ljungman, in the period from December 21-23 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, which is part of the government's action program supported by the stand-by agreement.

Related: Ukraine considers changing format of work with IMF, - Finance Minister

The discussions were focused on strengthening the governance of the National Bank; improving the legislative and regulatory framework for banking supervision and financial recovery; measures aimed at reducing the fiscal deficit in the medium term; legislative initiatives regarding the restoration and strengthening of anti-corruption infrastructure and legal proceedings, as well as discussions related to activities in the energy sector.

"The discussion was productive, but more progress is needed in favor of completing the first revision of the program. The discussions will continue," Ljungman said.

Meanwhile, Ukraine and the IMF are going to sign the new Memorandum on cooperation.

"We have an acting Memorandum... Whatever wasn't done in autumn 2020 will be transferred - with new deadlines - into the new Memorandum. Perhaps it will not be a structural beacon, but an early condition. It's about changing the format of the document,"Serhiy Marchenko, Ukraine's Finance Minister said.

Related: IMF worried due to Ukraine's intention to cut gas tariffs for population, - Finance Minister


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