16:27 01.03.2018

IMF notes importance of further reform for Ukraine's upcoming payments on foreign debts

2 min read
IMF notes importance of further reform for Ukraine's upcoming payments on foreign debts

The International Monetary Fund (IMF) notes the importance for the Ukrainian authorities to respect further implementation of structural reform envisaged by the EFF program so as to pass peak payments on external liabilities in the next few years.

IMF Resident Representative in Ukraine Goesta Ljungman said at the Dragon Capital investment forum in Kyiv on Thursday that if the next review of the EFF program is completed, especially due to the progress in carrying out structural reform needed to ensure macroeconomic stability, then the IMF see no problems with further servicing of external liabilities by Ukraine.

He recalled that as part of the fourth review, which opens up the way for the fifth tranche, Ukraine needs to pass legislation on the creation of the Anti-Corruption Court, as well as adjust domestic gas tariffs into line with the previously approved formula.

According to the National Bank of Ukraine (NBU), Ukraine this year is to pay around $7.4 billion from forex reserves on the country's commitments pegged to foreign currency, including to the IMF.

According to the NBU, further cooperation with the IMF should play an important role in the further growth of forex reserves: the NBU predicts funding from the IMF this year in the amount of $2 billion. In addition, the government expects to attract $1.2 billion from other international financial institutions.

In the future, according to the NBU, the dynamics of the volume of forex reserves will significantly depend on the success of the reforms in Ukraine, which are the guarantee of cooperation with international partners.

According to the NBU, in 2018-2020, the government and the central bank should pay more than $16 billion on foreign debts, and the peak of payments is exactly in 2019-2020.

On March 1, 2018, the Verkhovna Rada passed presidential bill No. 7740 on the High Anti-Corruption Court at first reading.

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