The International Monetary Fund (IMF) mission arrived in Kyiv for the sixth review of the Extended Fund Facility (EFF) and began its work on Monday and plans to work here for a week.

IMF Resident Representative in Ukraine Priscilla Toffano said the IMF mission led by Gavin Gray on Monday began discussions with Ukrainian authorities in Kyiv in the context of the sixth review of the Extended Fund Facility.

According to her, the meetings in Kyiv will end on November 18, after which the dialogue is expected to continue remotely.

The Ministry of Finance indicated that by the sixth review, Ukraine must implement four structural benchmarks: review pre-war policies and practices of medium-term budget planning; assess financial risks to financial stability and prepare an action plan for different scenarios; assess the financial condition of centralized heating enterprises; develop a policy for managing state property in state-owned enterprises, a dividend policy and a privatization strategy.

"The Ministry of Finance, together with the teams of the National Bank and the IMF, continues to actively work on the implementation of jointly defined reforms. We have already successfully completed five reviews of the program and expect a successful sixth review in December and, as a result, the receipt of the next tranche in the amount of about $1.1 billion," said Finance Minister Serhiy Marchenko.

According to Governor of the National Bank of Ukraine Andriy Pyshnyy, the meeting started at the National Bank with a wide range of participants. In addition to the NBU board and the Finance Ministry team, from the IMF side it was attended by IMF Mission Chief for Ukraine Gavin Gray, his deputies Sanaa Nadeem and Trevor Lessard, IMF Resident Representative in Ukraine Priscilla Toffano, IMF Executive Director Jeroen Clicq, Alternate Executive Director for Ukraine Vladyslav Rashkovan and Head of the Governance and Anti-Corruption Unit of the IMF Legal Department Emmanuel Mathias.

Pyshnyy specified that the meeting outlined in detail the list of issues to be discussed during the mission, including an analysis of the macroeconomic situation and the development of a macro framework for 2025.

"We are planning expert discussions on interest rate and exchange rate policies. We will also present the results of the managed flexibility of the exchange rate and currency liberalization and further prospects," the head of the NBU said.

He added that the central bank also considers the issues of risks to financial stability and the economy as a whole generated by the war and external factors; budget financing from both external and internal sources; the speed and success of the implementation of structural reforms and emergency planning.

"I would like to note that all measures envisaged by the Memorandum on Economic and Financial Policy with a deadline of the end of November have either already been implemented by us or their timely implementation is envisaged. The team is also working to fulfill obligations with a deadline of the end of December and beyond," Pyshnyy emphasized.

In particular, he thanked the IMF for its assistance and expert advice in the process of implementing the structural benchmark to assess the main financial and operational risks to financial stability under various adverse scenarios, which expired at the end of October.