09:42 05.06.2020

Ukraine's finance minister denies presence of "guaranteed minimum income" term in draft memo with IMF

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Ukraine's finance minister denies presence of "guaranteed minimum income" term in draft memo with IMF

Finance Minister of Ukraine Serhiy Marchenko has denied the presence of the "guaranteed minimum income" term in the draft memorandum with the International Monetary Fund (IMF), adding that the document deals with reforming the tax and customs services into single legal entities and the first tranche from the IMF will amount to $2.1 billion.

"Reform of the tax system [envisaged by the memorandum] provides for creating a single legal entity in the State Tax Service and the State Customs Service… This is what we would do with the IMF or without the IMF," he said in the Pravo na Vladu (The Right to Power) program on the 1+1 TV channel on Thursday night.

The minister also said that the memorandum includes a term on the preservation of independence of the National Bank of Ukraine.

He noted that the document does not demand the privatization of any enterprises.

Earlier it was expected that the first tranche of $1.9 billion will be allocated as soon as the IMF Executive Board approves the program. A meeting of the IMF Executive Board on the approval of a new Stand-By Arrangement for Ukraine is scheduled for June 9.

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