Representatives of the International Monetary Fund have arrived in Kyiv and will be working in the Ukrainian capital for the next few days. Economist Andriy Novak explained to UNN journalist what financial support Ukraine expects from this mission and what it can hope for.
IMF mission in Kyiv
When an International Monetary Fund mission comes to Ukraine, it certainly doesn't do so just for a walk. These negotiations will address issues of continuing or increasing financial support for Ukraine. This will happen with the understanding that Ukraine continues to wage a brutal war that Russia unleashed against Ukraine. Unfortunately, the intensity of the fighting has not decreased and has even increased. This requires Ukraine to increase defense spending.
The economist noted that the main topic of negotiations will be the continuation of financing. He also expressed confidence that Ukraine will ask for it to be increased due to high defense spending.
The main subject of the negotiations will be at least the continuation of financing for Ukraine under the existing program between Ukraine and the IMF. But I am sure that the Ukrainian authorities will ask to increase this financing due to the increased intensity of hostilities.
Novak also added that it is currently impossible to predict what amount will be discussed. It is also unknown whether it will be a new financing program or an expansion of an existing one.
As of now, there are no announcements with specific amounts. I think that in the process of negotiations, perhaps by the end of today, someone from either the Ukrainian side or the IMF will announce some amounts. Either a new program or an expansion of an existing program. Then it will be possible to understand what amounts and what periods of time are being discussed.
He also expressed an optimistic view that since IMF representatives have arrived in Kyiv, some solution will be found. There is no need to go to Kyiv to refuse assistance.
To give a negative answer, there is no need to come to Ukraine; it can be done online. Therefore, I am sure that if the mission came to Ukraine, it is not for a walk and not just to refuse Ukraine.
Andriy Novak also expressed hope that specific information about the results of this IMF mission will be known by the end of the week.
Usually, the work of an IMF mission in Ukraine lasts several days. Two, three, sometimes four days. So we can expect that by the end of this week we will have concrete information about the results of this mission and the consequences for Ukraine.
Recall
On July 1, the International Monetary Fund sent Ukraine $500 million as the next tranche under the EFF cooperation program after a new review.
Later, Prime Minister Yulia Svyrydenko reported on Ukraine's possible request for additional funding from the IMF, as international donors had allocated only half of the necessary funds.