The International Monetary Fund (IMF) mission ended its work in Ukraine without results, noting that more progress is needed to complete the first revision of the program, the IMF’s permanent representative in the country, Goesta Ljungman, said in a statement.
The IMF mission in December 2020 began its work on the revision of the stand-by program. The National Bank of Ukraine noted the progress in the negotiations with the IMF mission and highly appreciated the chances of its revision. On January 28th, the country’s Finance Minister Sergey Marchenko reported that the work of the IMF mission in Ukraine was extended for seven to ten days.
“The discussion was productive, but more progress is needed in favour of completing the first revision of the program. The discussions will continue,” the text says.
It is noted that the discussions focused on strengthening the management of the National Bank; improving the legislative and regulatory framework for banking supervision and financial recovery; measures to reduce the fiscal deficit in the medium term; legislative initiatives to restore and strengthen the anti-corruption infrastructure and judicial proceedings, as well as the negotiations related to measures in the energy sector.
The IMF Board of Governors in early June 2020 approved a new program of support for Ukraine for a year and a half with a total amount of $5 billion. The country has already received the first tranche of $2.1 billion. According to the memorandum, it was expected that the allocation of this $2.1 billion after the approval of the program should be followed by transfers of the remaining in four instalments of about $700 million, two of which were supposed at the end of June and at the end of September, the rest – following the results of two reviews in 2021.
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