15:50 25.01.2018

NBU has not yet discussed new program with IMF, with Finance Ministry expects favorable time for this

2 min read
NBU has not yet discussed new program with IMF, with Finance Ministry expects favorable time for this

The National Bank of Ukraine (NBU) has not yet discussed the opening of a new cooperation program for the country with the International Monetary Fund (IMF), Acting Head of the NBU Yakiv Smoliy has said.

"We have not yet started negotiations, but we are already thinking about when this is possible. We will initiate such negotiations with the IMF at a meeting with the Ministry of Finance," he said at a monetary briefing in Kyiv.

Smolii said Ukraine needs a new program of cooperation with the IMF in view of the forthcoming peak payments for servicing external debt in 2019-2020, while the current program ends in the first quarter of 2019.

According to NBU Deputy Head Dmytro Solohub, the availability of the new program is important not only to maintain the country's balance of payments, but also to anchor the reforms implemented.

"The role of the IMF is transforming. We see that many IMF programs have more or less standard terms and assume not only support for the balance of payments, but also the rooting of structural reforms," he explained.

At the same time, Solohub added now it is important to focus on the implementation of the current program, within which Ukraine has not yet received $8 billion.

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