The International Monetary Fund (IMF) mission for the second review of the Extended Fund Facility (EFF) is scheduled for the first half of November, Andriy Pyshnyy, Governor of the National Bank of Ukraine (NBU), said in an interview with Forbes Ukraine.

“Then, approximately a month later, the IMF board [will consider the issue]. Access to financing will be immediately after a positive decision. If everything happens as we plan, Ukraine will receive a total of $4.5 billion from the IMF this year. In total, the program provides for 11 reviews," the head of the NBU noted.

Pyshnyy believes that Ukraine is “not in ideal, but in fairly good shape” regarding the implementation of structural benchmarks.

“The issues of tax audits, REP, and changes to the state budget of the current year to finance defense needs by UAH 317 billion are problematic and need to be discussed. And the budget for next year, and the issues of anti-corruption,” added the head of the NBU.

However, he is optimistic that the PEP financial monitoring issue will be resolved.

“I see the political freedom of the country’s top leadership to fulfill this structural benchmark. Regarding other issues, I have great hope that the parliament will make the necessary decisions. At least on the part of the NBU, everything necessary has been done for this,” Pyshnyy explained his position.

The head of the National Bank also emphasized that for the first time in a long time, the list of problematic issues in Ukraine does not include an item on the independence and institutional capacity of the NBU.

IMF Mission Chief for Ukraine Gavin Gray in an interview with NV on Monday noted that for the second review of the EFF program, Ukraine needs to adopt a new charter of Gas Transmission System Operator of Ukraine, legislatively resolve the issue of tax audits of business and financial monitoring of PEP, so that the law is fully consistent with the FATF guidelines and implements the risk-oriented approach.

According to him, among the necessary tasks is also to develop a concept note on the Affordable Loans 5-7-9% preferential lending program, which should set out a vision for improving its monitoring and preventing negative consequences for the financial sector as a result of its implementation.

An important issue is the changes that will be made to the legislation on the SAPO (the Specialized Anti-Corruption Prosecutor’s Office), giving it more institutional autonomy, Gray added.

He pointed out that the draft state budget 2024, already submitted to parliament, in its final version, must comply with all the goals that Ukraine has set as part of the program, including debt sustainability and realism.

He summarized that significant progress had been made, but important work remains.

He also recalled that by the end of this year, Ukraine, within the framework of the EFF program, plans to launch the so-called National Revenue Strategy.

Everyone understands: over time and gradually, international support will decrease, so Ukraine needs to develop its own internal resources for self-financing, the head of the mission emphasized.

He added that with the extension of the war beyond the baseline scenario, that is, into the second half of 2024 and beyond, there will be a need for additional fiscal measures.

In addition to external funds, the Ukrainian leadership must take policy measures to balance all necessary financial needs, said the head of the IMF mission.