IMF Mission Starts Work in Kyiv on the 6th Review of the EFF Program: What Milestones Ukraine Should Meet
Kyiv • UNN
The leadership of the Ministry of Finance and the NBU have started discussing the sixth review of the EFF program with IMF experts. Ukraine needs to fulfill four structural benchmarks to receive the next tranche in December.
Today, the leadership of the Ministry of Finance of Ukraine, the National Bank of Ukraine and experts from the International Monetary Fund began discussions on the sixth revision of the Extended Fund Facility (EFF) program, UNN reports.
Details
The Ministry of Finance is represented by Minister of Finance Sergiy Marchenko, First Deputy Minister of Finance Denys Uliutin, Deputy Ministers of Finance Yuriy Draganchuk, Olga Zykova, Svitlana Vorobey and Government Commissioner for Public Debt Management Yuriy Butsa.
The IMF mission will continue in Kyiv over the next few days.
The purpose of the meeting is to discuss Ukraine's implementation of the EFF program and prepare for the sixth revision of the Memorandum of Economic and Financial Policies.
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According to the agency, by the time of the sixth review, Ukraine has to fulfill four structural beacons: review pre-war policies and practices of medium-term budget planning; assess financial risks to financial stability and prepare an action plan for different scenarios; assess the financial condition of district heating enterprises; and develop a policy for managing state property in state-owned enterprises, a dividend policy, and a privatization strategy.
"The Ministry of Finance, together with the teams of the National Bank and the IMF, continues to work actively on the implementation of the jointly agreed reforms. We have already successfully completed five reviews of the Program and look forward to a successful sixth review in December and, as a result, to receive the next tranche of about USD 1.1 billion," Marchenko said.
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As a reminder, the State Budget of Ukraine has already received six tranches under the IMF EFF program totaling about USD 8.7 billion out of the USD 15.6 billion provided for under the program.
