The International Monetary Fund (IMF), with funding provided by the European Union, has launched the "Continuing Fiscal Reforms in Ukraine" project, which is to be implemented until 2023, the EU Delegation to Ukraine has reported.

"The new "Continuing Fiscal Reforms in Ukraine" project funded by the European Union and implemented by the International Monetary Fund will help improve fiscal management in Ukraine and increase transparency and accountability on how public finances are managed and revenues collected," the agency said.

"Spanning over 31 months till the end of 2023, this project will help bring fiscal institutions in line with modern international practices and support economic growth and development in Ukraine, therefore improving the livelihood of Ukrainian citizens," the report reads.

"The pandemic creates challenges for economic management and sustainable development worldwide. Through projects like this one, the European Union and its partners help ensure that Ukraine's economic institutions are well equipped to promote a resilient and equitable recovery," Remi Duflot, the Deputy Head of the European Union Delegation to Ukraine, said.

"Ukraine is currently one of the main beneficiaries of IMF Capacity Development, and we are pleased to further expand our support to the country through this partnership with the European Union. This project aims to improve the management of fiscal resources in Ukraine and contribute to economic stability and inclusive growth," Antoinette M. Sayeh, the IMF Deputy Managing Director, added.