14:13 21.06.2017

IMF hopes Ukraine to conduct pension, land reforms, speed up privatization, fight against corruption

Managing Director of the International Monetary Fund Christine Lagarde commended Ukrainian President Petro Poroshenko on the progress made by Ukraine so far under the Extended Fund Facility (EFF) program, the press service of the IMF has reported after their meeting in Washington late on Tuesday.

Discussions were focused on expected pension and land reforms, measures to speed up privatization and providing for concrete results in efforts to fight corruption, the fund said.

According to the press release, Lagarde and Poroshenko have agreed on stepping up the pace of reforms to ensure stronger and inclusive economic growth.

As reported, the four-year EFF program launched by the IMF in March 2015, in the total amount of SDR 12.348 billion (around $17.25 billion), initially involved quarterly reviews of the program, with the first tranche of $5 billion, and the next three, SDR 1.18 billion each (around $1.65 billion), to be paid during 2015, and decreasing quarterly tranches to SDR 0.44 billion ($0.61 billion) in 2016-2018.

Ukraine was able to receive, with a slight delay, the second tranche, $1.7 billion, under this program, in early August 2015, followed by a lengthy pause because of the country's failure to meet a number of conditions, political crisis and changes in the government.

Since the arrival of a new government led by Volodymyr Groysman in April 2016 talks over continued funding have resumed but it was not until mid-September that the IMF decided to allocate the third tranche, $1 billion. The fourth tranche was received on April 3, 2017.

According to the new schedule presented in the materials of the IMF, three reviews are planned for late 2017: fourth review in the middle of May, fifth in the middle of August and sixth in the middle of November.

If Ukraine successfully conducts reforms after the fourth review the country could raise $1.907 billion, after the fifth review - $1.28 billion, sixth review - $1.28 billion. In general, some $4.46 billion could be attracted.

In 2018, four more reviews will be conducted and Ukraine could raise around $955 million after each review or some $3.82 billion in general.

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