Svyrydenko: Ukraine and IMF agree to maintain flexibility in implementing structural benchmarks in context of war

Ukraine expects an IMF mission to visit Kyiv in May and has agreed with the Fund to maintain flexibility in implementing the program’s structural benchmarks during the war, Prime Minister Yulia Svyrydenko announced.

"The IMF program is a high priority for our team. Its key benchmarks bring us closer to the EU, creating the conditions for building a modern, competitive, and transparent European-style economy. We agreed that, in the face of a full-scale invasion, it is important for Ukraine to maintain flexibility in implementing structural benchmarks," she wrote on Telegram following a meeting with IMF Managing Director Kristalina Georgieva in Washington.

Svyrydenko noted that, amid wars and conflicts around the world, it is critical for Ukraine to remain the focus of international attention, and the IMF’s role in this is crucial, as all partners and donors rely on the Fund.

She added that Russian attacks on Ukrainian cities and the energy sector make cooperation with the IMF even more important. "Macroeconomic stability is the foundation of our resistance and support for the Defense Forces. The majority of budget revenues go toward defense, and the international aid the IMF helps us attract covers critical social spending and the upkeep of the state," the prime minister emphasized.

According to her, the previous cooperation program with the IMF was a historic success: no country had ever carried out eight reviews during a large-scale war.

"The first tranche of $1.5 billion under the IMF’s new four-year Extended Fund Facility was already received in March. We are determined to ensure that this program remains equally successful, despite the brutality of Russia’s ongoing war," the Prime Minister emphasized.

Svyrydenko also informed the IMF Director about the joint efforts with members of parliament to pass the first review. She noted that the Verkhovna Rada had adopted legislation on military levies and taxation of electronic platforms, and the competition for the position of head of the State Customs Service had been completed.

"We are ready to work on further de-inization of business, implementing reforms, and expanding Ukraine’s investment attractiveness. We look forward to the IMF mission’s visit to Kyiv in May," the Prime Minister concluded.