14:12 17.01.2020

Ukrainian govt's policy helps bolster Ukraine's economy – IMF representative office

2 min read
Ukrainian govt's policy helps bolster Ukraine's economy – IMF representative office

The International Monetary Fund (IMF) supports the policy being implemented by the government and the National Bank of Ukraine with the aim of bolstering the country's economy, the IMF Resident Representative Office in Kyiv said in a statement in reply to a request from Interfax-Ukraine to comment on new accusations of incompetence made against Ukraine's government and the National Bank.

"The prudent macroeconomic policy pursued by the government and the National Bank of Ukraine has helped strengthen the economy of Ukraine," the statement said.

"The low budget deficit, the reduction of the state debt to GDP ratio, low inflation, and the accumulation of forex reserves are all the results of this policy and are important prerequisites for economic stability and growth," it said.

A number of Telegram channels circulated an audio recording on January 15 in which several people discuss the preparation of an economic policy report for the president, as well as the causes and possible effects of a stronger hryvnia. A person whose voice resembles Ukrainian Prime Minister Oleksiy Honcharuk's says the president has "primitive" notions about economics and refers to himself as "clueless about economics." The conversation was said to have been recorded on December 16. In addition to Honcharuk, the meeting was supposedly attended by National Bank of Ukraine First Deputy Governor Kateryna Rozhkova, Finance Minister Oksana Markarova, and Economy Minister Tymofiy Mylovanov.

Honcharuk said on January 16 that many people are acting against the team of the president and the government.

"I am addressing those who are acting against us: You won't scare us! Our work to root out corruption and cut off these flows will become even more persistent," he said.

Ukraine's president, the government, and the National Bank agreed with the IMF management in early December on a new three-year loan program worth $5.5 billion. The IMF Executive Board will make a final decision on the program after Kyiv fulfills the last remaining preliminary requirements, including the adoption of a number of laws by the Verkhovna Rada.

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