The International Monetary Fund (IMF) has appointed a new Resident Representative in Ukraine. Vahram Stepanyan has replaced Goesta Ljungman. This was reported on the official website of the IMF Office in Ukraine.
“Vahram Stepanyan, the citizen of Armenia, has spent over 12 years at the IMF working on a variety of issues over a wide range of countries. In his last appointment, he was the UAE’s leading economist. Mr. Stepanyan worked on money and credit, fiscal and structural reforms in Albania, Montenegro, Hungary, Romania, Oman, and many other countries,” the profile of the new representative states.
Mr. Ljungman is returning to IMF headquarters after four years of service as the IMF Resident Representative in Ukraine. In his interview with KyivPost, he said “Since independence in 1991, it (Ukraine) has made slow progress in re-orientation of the economy from a planned one to a free-market one. There are still a lot of things that need to be changed.”
To remind, today on June 30, the Ukrainian parliament has passed the banking law that is necessary for cooperation with the IMF. So that Ukraine can receive the other tranches of the 18-month stand-by program approved in 2020, totaling $ 5 billion. The program aims to help overcome the effects of the Covid-19 pandemic.
As we reported, the 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.