IMF expects laws to be adopted to abolish 'Lozovy amendments,' create Higher Administrative Court
The International Monetary Fund (IMF) expects laws to be adopted to abolish the so-called Lozovy amendments and create the Higher Administrative Court to replace the liquidated Kyiv District Administrative Court, which are structural benchmarks whose implementation deadline expired in December 2024, said Danylo Hetmantsev, head of the parliamentary committee on finance, taxation and customs policy.
"They expect the bills to be adopted. And yes, the failure to implement them puts the tranche at risk," he said in a comment to the Interfax-Ukraine agency.
We are talking about the adoption of bills No. 12367 and No. 12368, which were registered in the Verkhovna Rada in December last year, but neither of them has yet been adopted even as a basis.
Deputy head of the finance committee Yaroslav Zhelezniak added that the fund would not be able to postpone the implementation of these benchmarks, since the deadlines have already passed. He also noted that the failure to comply with them creates a risk for the Extended Fund Facility (EFF).
As reported, the IMF mission began work in Kyiv on February 20 on the seventh review of the EFF. It will continue in the coming days in Kyiv and Warsaw. If the mission is successful, the IMF Board may allocate the eighth tranche of the program to Ukraine in the amount of $ 917.5 million at the end of March.
The previous, sixth review of the EFF program opened in March 2023 was completed by the IMF closer to the end of December 20224. Based on its results, the seventh tranche of $1.1 billion was allocated, which increased the amount of payments to $9.8 billion with the total program volume of $15.6 billion.
In general, this year the updated program provides for four quarterly reviews, as in 2024. The size of the next three tranches in 2025 is $809.6 million, $539.8 million and $445.3 million, respectively.