KIEV, February 13 – RIA Novosti. The mission of the International Monetary Fund (IMF) completed its work in Ukraine without result, noting that more progress is needed to complete the first revision of the program, the IMF permanent representative in the country, Josta Lyngman, said in a statement.
In December 2020, the IMF mission began its work on revising the stand-by program. The National Bank of Ukraine noted the progress in negotiations with the IMF mission, highly appreciated the chances of its revision. On January 28, Minister of Finance of the country Sergey Marchenko announced that the work of the IMF mission had been extended in Ukraine for 7-10 days.
“The discussion was productive, but more progress is needed in favor of completing the first revision of the program. 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 anti-corruption infrastructure and legal proceedings, as well as negotiations related to activities in the energy sector.
In early June 2020, the IMF Board of Governors approved a new program of support for Ukraine for a year and a half, totaling $ 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 installments, approximately $ 700 million, two of which were supposed to be at the end of June and at the end of September, the rest – following the results of two reviews in 2021 year.