Honcharuk: We’re moving towards finalization of memorandum with IMF

"Recently, our team of ministers was in the US, held regular technical consultations, worked with the IMF colleagues. Those consultations were successful, and we are moving towards the finalization of the memorandum. We expect the IMF mission to arrive in Kyiv in November to continue the negotiations," Prime Minister of Ukraine Oleksiy Honcharuk said at the first investment forum RE: Think. Invest in Ukraine in Mariupol, an Ukrinform correspondent reports.

The Prime Minister added that the new program would be signed for a three-year period.

"Once signed, this is a matter of agreements. The Ukrainian side must be ready and a decision must be made within the IMF. I would like this to happen in the coming months. It is important to do so that Ukrainian and international investors understand: Ukraine will be stable in the coming years. In macroeconomic terms, we will have a solid foundation for economic growth," Honcharuk added.

As reported, the IMF mission visited Kyiv on September 12-26, 2019 and started to discuss a new three-year program of support to Ukraine under the Extended Fund Facility (EFF).

The IMF Resident Representative Office in Ukraine informed that the mission's experts had fruitful discussions on policy areas for the new program, in particular on fiscal and monetary policy, as well as key reform measures. The attention was also paid to the importance of central bank independence and the protection of financial stability, as well as the need to make every effort to minimize the fiscal losses associated with the reorganization or liquidation of banks.

On October 22, Economic Development, Trade and Agriculture Minister of Ukraine Tymofiy Mylovanov announced that the next IMF mission would arrive in Ukraine in early November 2019.

Earlier, the National Bank stated that Ukraine should conclude a new long-term cooperation program with the International Monetary Fund totaling $5-10 billion. According to the NBU forecasts, the first tranche under this program could be received by the end of 2019. The National Bank expects it to be about $2 billion.

The IMF's previous 14-month Stand-By Arrangement for Ukraine was approved at the end of 2018. It provided for the allocation of three tranches. Ukraine received the first and only IMF tranche under this program on December 21, 2018.

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