13:36 15.04.2020

IMF to help Ukraine, several issues left to approve EFF – IMF official

1 min read
IMF to help Ukraine, several issues left to approve EFF – IMF official

The International Monetary Fund (IMF) has pointed out the effect reaction of the Ukrainian government to the coronavirus (COVID-19) crisis, confirmed the progress in the talks on the new Extended Fund Facility (EFF) and counts on its soon approval after solving the last several issues.

"We are in discussions with Ukraine on a new program [EFF]. These discussions are well advanced, and I think they are going well. There is a number of issues outstanding and I am confident that they will be overcome soon," Director of the European Department of the International Monetary Fund (IMF) Poul M. Thomsen said at a briefing on Wednesday.

According to him, the fund supports the government's measures to combat the coronavirus epidemic, which will lead to a very significant increase in the budget deficit.

Thomsen noted that in the past few years, within the framework of the IMF-supported program, Ukraine has achieved significant indicators of macroeconomic stability: the banking system stability increased, inflation fell, the current account and state budget deficits reduced, the government debt was down, while foreign exchange reserves grew significantly and exceeded $20 billion.

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