15:34 20.12.2017

IMF representative in Ukraine, MPs discuss creation of anti-corruption court

IMF representative in Ukraine, MPs discuss creation of anti-corruption court

IMF Resident Representative in Ukraine Goesta Ljungman has discussed with a group of MPs the importance of creating an independent anti-corruption court in Ukraine for further cooperation with the fund, according to Bloc of Petro Poroshenko MP Svitlana Zalischuk.

"A meeting has just been held with IMF Representative Goesta Ljungman who confirmed anti-corruption conditions for further cooperation with Ukraine, in particular, the establishment of an anti-corruption court as an independent agency, maintaining proper conditions for the work of the NABU, and wiretapping by the NABU, independent of the SBU," she wrote on her Facebook page on Wednesday.

According to her, a delay in the implementation of these commitments will cost Ukraine billions of dollars and the worsening of the investment climate.

As was reported, the four-year-EFF program worth SDR12.348 billion (about $17.46 billion at the current forex rate) was launched in March 2015 with a first disbursement of $5 billion. It originally suggested a quarterly review of the program, the allocation of three more tranches worth SDR 1.18 billion each in 2015 and a reduction in quarterly disbursements in 2016-2018 to SDR 0.44 billion ($0.62 billion).

According to the IMF, this is the 9th program of cooperation between Ukraine and the IMF. The first stand-by program was opened way back in April 1995. Ukraine has managed to fully implement only one program, and another three were completed with changes.

Under the ongoing program, Ukraine has managed to receive a second tranche worth $1.7 billion early in August 2015 with a little delay, which was followed by a long break as Ukraine had failed to meet a number of conditions, which was aggravated by the political crisis and government reshuffles.

Talks on further financing resumed after the appointment of a new Cabinet of Ministers headed by Volodymyr Groysman in April 2016. However, the IMF decided to issue a third disbursement worth $1 billion only in the middle of September 2016 and a fourth one on April 3, 2017.

At the moment, the IMF is still undecided on a date for the arrival of an IMF mission in Ukraine for the fourth review of the EFF program, which paves the way for a fifth tranche.

The IMF is still reviewing the bill on pension reform recently passed by Ukraine's parliament.

Moreover, other conditions for the fourth review are the adoption of legislation on the creation of an anti-corruption court; reform the process of privatization of state-owned assets to make it transparent and market-oriented. Besides, Ukraine is obliged to adjust domestic gas tariffs in keeping with an early approved formula.

The National Bank of Ukraine reported earlier that it expected to get two IMF tranches worth $3-3.5 billion in 2018.

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