11:54 30.03.2021

IMF finds it difficult to predict timing of completion of first review of Stand-By Arrangement

2 min read
IMF finds it difficult to predict timing of completion of first review of Stand-By Arrangement

Discussions on the first review of the Stand-By Arrangement for Ukraine are still ongoing and a number of issues remain, the timing of which is currently difficult to predict, IMF Resident Representative in Ukraine Goesta Ljungman said in an exclusive interview with Interfax-Ukraine.

"As we have communicated earlier, the discussions on the first review are still ongoing. There are a number of outstanding issues that need to be resolved. What I am talking about are both the conditions and commitments in the program, and issues that have come up subsequently, including some that undo achievements of past programs. At this stage it is not possible to make any predictions about when the review can be completed. This depends on how quickly there is progress on outstanding issues," he said.

Answering other questions, he noted the importance of preserving the reforms carried out by the National Bank and progress in strengthening the NBU while protecting it from excessive external pressure, having a clear plan to reduce fiscal deficit, relinquishing control over gas prices and resolving the issue of a long-term model of the country's electric power industry, as well as compliance with the principle of integrity of anti-corruption bodies and the judicial system.

"Let's focus on what's important: the IMF wants to support economic development and prosperity of Ukraine," the expert said commenting on the possible cooperation of the IMF and Ukraine after the completion of the Stand-By Arrangement.

"We have demonstrated this through a series of IMF-supported programs continuously since early 2014. And we will continue to support good economic policy and the transformation of the economy," he said.

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