NBU expects IMF mission to come to in Kyiv next week

A mission of the International Monetary Fund (IMF) to discuss the second review of the Extended Fund Facility (EFF) for Ukraine is expected to arrive in Kyiv next week, Governor of the National Bank of Ukraine Valeriya Gontareva has said.

"As for the arrival of the mission – we expect them next week. But we haven't got an official letter yet… The arrival of the mission will be definitely depend on when the Finance Ministry of Ukraine confirms that it has drawn up the budget and is ready to meet with the mission," she said at a briefing in Kyiv on Thursday.

Gontareva said she hoped that Ukraine will be able to receive the next tranche of an IMF loan following the review of the EFF which will allow the country to boost its international reserves to $15 billion from the current $13 billion.

She also said that the disbursement of the next IMF tranche would give Ukraine access to official financing worth over $2 billion from other sources.

The previous IMF mission on the second review of the EFF worked in Kyiv from September 22 to October 2. Its work focused on Ukraine’s fulfillment of measures required to achieve the targets of the IMF program. Other issues under consideration were the execution of the budget for 2015, tax policy and expenditure plans for 2016, structural reforms, and the fight against corruption.

"The mission held constructive discussions with the authorities on the policies needed to complete the second review under the EFF arrangement. Understandings were reached on most issues. However, as the authorities still need more time to fully flesh out their policy proposals for 2016 in some areas, discussions will continue in the coming weeks," the IMF's mission chief for Ukraine Nikolay Gueorguiev said at the conclusion of the visit.