PM Shmyhal: Ukraine made significant progress in fulfilling its obligations to IMF

PM Shmyhal: Ukraine made significant progress in fulfilling its obligations to IMF

Ukrinform
Prime Minister Denys Shmyhal says that Ukraine has managed to make significant progress in fulfilling its obligations to the International Monetary Fund (IMF).

"We are rapidly moving our positions closer to the IMF. We have just had a productive meeting with our international partners from the Fund. Ukraine has managed to make significant progress in fulfilling its obligations,” the prime minister wrote on his Telegram channel.

Shmyhal thanked the IMF and Director of the European Department at the IMF Alfred Kammer for the dialogue.

"A strong partnership with the IMF is a guarantee of Ukraine's long-term stability," the prime minister said.

As reported by Ukrinform, on June 9, 2020, the IMF Executive Board approved an 18-month Stand-By Arrangement for Ukraine, with total access of $5 billion. On June 12, Ukraine received $2.1 billion as first tranche from the IMF. To receive the next tranche, Ukraine must fulfill conditions of the IMF: to carry out reforms and fulfill provisions of the concluded memorandum.

The policy of the new arrangement is focused on four priorities: mitigating the economic impact of the crisis, including by supporting households and businesses; ensuring continued central bank independence and a flexible exchange rate; safeguarding financial stability while recovering the costs from bank resolutions; and moving forward with key governance and anti-corruption measures to preserve and deepen recent gains.

Ukraine expects to receive $700 million under the current stand-by program by the end of 2020.

On October 21, the government established an interagency working group to coordinate the negotiation process with the IMF.

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