14:48 09.07.2021

Ukraine, IMF reach compromise on number of issues, but talks continuing – Finance Ministry

3 min read
Ukraine, IMF reach compromise on number of issues, but talks continuing – Finance Ministry

The Ukrainian delegation in Washington and representatives of the International Monetary Fund (IMF) held a number of meetings and agreed on the positions of the sides on a number of issues, in particular on anti-corruption reform, corporate governance reform and the independence of the National Anti-Corruption Bureau of Ukraine (NABU), but negotiations regarding the conclusion of the staff level agreement will continue.

"The negotiations allowed to agree on the positions of both parties, in particular on anti-corruption reform, corporate governance reform and on the independence of NABU," the Finance Ministry said on its website.

"However, IMF experts said the Constitutional Court's ruling had led to a backsliding of anti-corruption efforts and required a response from the Ukrainian authorities. The sides agreed on close communication and joint work for the possibility of reaching the staff level agreement in the near future," the ministry said.

During a working visit to the United States, Finance Minister Serhiy Marchenko reportedly held a number of meetings with IMF representatives to discuss further cooperation. In particular, talks were held with Director of the European Department at IMF Alfred Kammer; IMF Executive Director Paul Gilbers; IMF Mission Chief to Ukraine: Ivanna Vladkova Hollar; IMF Permanent Representative to Ukraine Vagram Stepanyan and other IMF representatives.

The Minister of Finance said the Verkhovna Rada of Ukraine had adopted a number of bills in a short period of time necessary for the continuation of the cooperation programme with the IMF, the ministry said in the statement.

"IMF support is very important for Ukraine. And I appreciate the support for reform. The economic situation in the country is improving, but in order to ensure macroeconomic stability of Ukraine it is extremely important to be in the program of cooperation with the IMF," Marchenko said.

On June 9, 2020, the IMF approved a new 18-month stand-by arrangements for Ukraine on SDR 3.6 billion (about $5 billion) with an immediate disbursement of $2.1 billion in the first tranche.

Following the release of the first tranche, four programme revisions have been scheduled for June, September and December 2021, and June 2021, with the completion of these revisions on September 1 and December 1, 2021 and May 15 and October15, respectively, as follows. The second and third tranches are $700 million each, the third tranche is $560 million and the fourth tranche is $980 million. The virtual mission for the first programme revision was supposed to be operational from July 13 to July 23, but the plan was broken.

The virtual mission since the end of 2020 for the first revision of the stand-by arrangements ended in the middle of February without recommending a second tranche.

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