16:52 20.11.2015

Understanding with Ukrainian authorities deepens, budget, tax reform to be adopted under EFF program - IMF mission

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Understanding with Ukrainian authorities deepens, budget, tax reform to be adopted under EFF program - IMF mission

An International Monetary Fund (IMF) mission visited Kyiv during November 12 -20 to continue discussions on the second review of the Extended Fund Facility Arrangement (EFF) in support of the Ukrainian authorities’ economic reform program has said that mutual understanding with Ukrainian authorities has been deepened and the IMF is waiting for the national budget and tax reform to be passed under the program, Ron van Rooden, mission chief for Ukraine, said in a statement.

"The mission continued constructive discussions with the authorities on policies that are needed to complete the second review under the EFF arrangement. Significant work at the technical level helped advance mutual understandings regarding the planned tax reforms and the implications for the 2016 budget. Accordingly, it is now important that the Government submits to Parliament a budget that is consistent with the program objectives of further reducing the budget deficit and public debt to safer levels, and that the parliament adopts such a budget," he said.

"This will require permanent measures to broaden the tax base and rationalize spending. A strong fiscal position along with actions to rehabilitate the banking system and speed up economic reforms are critical to entrench financial stability and pave the way for strong and sustainable growth," he said.

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