Ukraine should be focusing on conducting land reform and privatization, in order to attract foreign investments. Goesta Ljungman, the IMF Permanent Envoy in Ukraine gave this piece of advice to the government in Kyiv, as quoted by Ukrinform news agency.
'Among the things to be done, there's a focus on the land reform so that one could buy the agricultural lands. It is also worth focusing on privatization of state-run enterprises so that the private sector could make its respective contribution', Ljungman said.
He added that the reform of the State Fiscal Service of Ukraine begins now, and this should improve the business environment.
In December 2018, the IMF Directors Board approved the new 14-months-long program of cooperation with Ukraine within the stand-by mechanism. The overall volume of the program makes 3.9 billion U.S. dollars. Ukraine already received the first tranche under this program in December 2018.
The National Bank of Ukraine expects that the IMF would assign another two loans throughout this year, 1.3 billion dollars each. The decisions are to be made in May and November, respectively and will be based on how Ukraine performs in terms of the reforms' implementation.