Cabinet to accelerate implementation of reforms for attracting external financing and EU accession - Koretsky
The government is determined to accelerate the implementation of reforms necessary to secure external financing, economic recovery, and Ukraine's accession to the EU, Prime Minister Serhiy Koretsky has said.
"The government is determined to accelerate the implementation of agreed reforms necessary to ensure access to external financing, strengthen financial stability, and create proper conditions for recovery, long-term economic growth, and Ukraine's accession to the European Union," Koretsky noted.
According to him, the completion of the first review of the new program for Ukraine under the Extended Fund Facility (EFF) mechanism by the IMF Executive Board opens up the possibility of receiving about $690 million from the IMF in the coming days.
Koretsky emphasized that following this, the total amount of financing provided to Ukraine under the new EFF program will be about $2.2 billion.
"All quantitative performance criteria and indicative targets of the program as of the end of March were met. During the review, updated implementation deadlines for structural reforms and measures for the further implementation of the program were agreed upon," the prime minister stressed.
As reported, the Executive Board of the International Monetary Fund (IMF) completed the first review of the 4-year Extended Fund Facility (EFF) program for Ukraine, allowing the immediate disbursement of SDR 503 million (about $690 million) of the second tranche, but noted the non-fulfillment of several performance criteria and warned against a retreat from reforms.