09:47 25.01.2018

IMF managing director urges Ukraine to take advantage of favorable external environment to speed up reforms

2 min read
IMF managing director urges Ukraine to take advantage of favorable external environment to speed up reforms

Managing Director of the International Monetary Fund (IMF) Christine Lagarde has said that she had a good and constructive meeting with Ukrainian President Petro Poroshenko and his team in Davos on Wednesday, confirming the readiness of the IMF to continue supporting Ukraine and urging to take advantage of the current favorable external environment to accelerate reforms.

"I reiterated that the IMF stands ready to continue to support Ukraine, along with other international partners, in its reform efforts. I also highlighted that Ukraine should take advantage of the current favorable external environment to accelerate reforms and transition to stronger growth, which is needed to improve people's living standards in a sustainable manner," the IMF said in a press release citing Lagarde.

She also welcomed that a nomination has been made for the appointment of a fully independent and permanent Governor of the National Bank of Ukraine (First Deputy Governor of the NBU Yakiv Smolii).

According to the report, the sides also discussed recent economic developments and prospects for Ukraine, as well as the implementation of measures that will pave the way for the completion of the pending review under the IMF-supported program.

As reported, the four-year EFF program launched by the IMF in March 2015, in the total amount of SDR 12.348 billion (around $17.25 billion), initially involved quarterly reviews of the program, with the first tranche of $5 billion, and the next three, SDR 1.18 billion each (around $1.65 billion), to be paid during 2015, and decreasing quarterly tranches to SDR 0.44 billion ($0.61 billion) in 2016-2018.

Ukraine was able to receive, with a slight delay, the second tranche, $1.7 billion, under this program, in early August 2015, followed by a lengthy pause because of the country's failure to meet a number of conditions, political crisis and changes in the government.

Since the arrival of a new government led by Volodymyr Groysman in April 2016 talks over continued funding have resumed but it was not until mid-September that the IMF decided to allocate the third tranche, $1 billion. The fourth tranche was received on April 3, 2017.

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