IMF mission expected to arrive in Kyiv in mid-May

Source : 112 Ukraine

National Bank Head Yakiv Smoliy reported that the Mission is to revise the stand-by program
17:14, 25 April 2019

Open source

The arrival of IMF mission in Ukraine is expected in the middle of May. Yakiv Smoliy, the head of the National Bank of Ukraine reported that during the press conference. UNN news agency reported that as saying.

'We expect them in the middle of May, the way it was scheduled. The Mission is to revise the [stand-by] program', he said.

Smoliy added that the National Bank lived up to all conditions within its competence.

In December 2018, the IMF Directors Board approved the 14-months-long of cooperation with Ukraine within the stand-by program. The overall sum of loans makes 3.9 billion U.S. dollars, which makes 139 percent of the quote of Ukraine in the Fund.

Related: Decision on PrivatBank complicates cooperation with IMF and EBRD, - National Bank

At the same time, the IMF published the text of the Memorandum on the economy and fiscal policy in Ukraine within the new program for 2018-2020. The Memorandum approved by the IMF Board of Directors on December 18, 2018 contains statement on policy and strategy, which Ukraine intends to adhere within the new program in 2018-2020, and certain steps required for successful inspections and obtaining of the next tranches.

The document contains directions of Ukraine’s work in the monetary and currency policy, fiscal policy and policy of the energy and finance sectors, management, management of state-owned enterprises and business climate, and eight structural aspects.

Related: IMF worsens economic forecast in Ukraine in 2018

The implementation of the provisions of the Memorandum will help to encourage $3,9 billion of financial aid from the IMF by the end of the program. The means will be transferred to the National Bank reserves. This will enhance the national currency and will help to create a stable and predictable investments climate.

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