IMF mission starts working in Kyiv

IMF mission starts working in Kyiv

Ukrinform
The International Monetary Fund mission led by Ron van Rooden has started working in Kyiv to discuss further cooperation with Ukrainian authorities.

“The International Monetary Fund mission led by Mr. Ron van Rooden has started its work in Kyiv to discuss further cooperation with Ukrainian authorities,” Ukrinform learnt from IMF Resident Representative Office in Ukraine.

As reported, the IMF mission continues discussions with representatives of the Ukrainian authorities on a new program of cooperation.

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

On October 18, Director of the IMF’s European Department Poul Thomsen stated that the new IMF program for Ukraine under the Extended Fund Facility (EFF) is scheduled for three years and will be aimed at maintaining macroeconomic stability and introducing deep structural reforms. He said at the time that the IMF mission would return to Ukraine in the near future.

The IMF mission visited Kyiv on September 12-26, 2019 and started to discuss a new three-year program of support to Ukraine under 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.

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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