Ukraine needs to make more progress to receive next tranche - IMF

Ukraine needs to make more progress to receive next tranche - IMF

Ukrinform
The International Monetary Fund (IMF) continues discussions with the Ukrainian authorities about further cooperation as part of the stand-by program, noting that more progress is needed to support completion of the first review under the program.

IMF Spokesperson Gerry Rice said this at a briefing on Thursday, when asked by Ukrinform about  the prospects of the IMF program for Ukraine.

“Earlier this year, we held virtual discussions with Ukrainian authorities on progress in implementing those policies and reforms [under the stand-by arrangement]. The discussions were productive but in terms of the status, more progress is needed to support completion of the first review under the program,” he said.

Rice stressed that the IMF’s program is aimed to help the country in the current crisis but also “to focus on safeguarding medium term fiscal sustainability, preserving central bank independence and a flexible exchange rate and enhancing financial stability”.

At the same time, he named the fight against corruption and strengthening public administration as one of the main goals of the program.

“So all of those measures we've talked about here before. And discussions continue,” Rice said.

As reported, on June 9, the IMF Executive Board approved a new 18-month Stand-By Arrangement for Ukraine with total funding of $5 billion. Ukraine received the first tranche of $2.1 billion on June 12.

After the first tranche was allocated, four reviews were planned and several more tranches were to be allocated, but this plan was not implemented.

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