The International Monetary Fund (IMF) mission ended its work in Ukraine with no result, noting that more progress is needed to complete the first revision of the program. This is stated in the statement of the permanent representative of the IMF in the country Josta Lyngman.
In December 2020, the IMF mission began work on revising the stand-by program. The National Bank of Ukraine noted the progress in negotiations with the IMF mission, highly appreciated the chances of its revision. On January 28, Minister of Finance of the country Sergei Marchenko announced that the work of the IMF mission in Ukraine was extended by 7-10 days.
“The discussion was productive, but more progress is needed in favor of completing the first revision of the program. Discussions will continue, “the Ukrainian newspaper NV Business quotes Lyngman.
It is noted that the discussions were aimed at strengthening the management of the National Bank; measures to reduce the fiscal deficit in the medium term; improving the legislative and regulatory framework for banking supervision and financial recovery; legislative initiatives to restore and strengthen anti-corruption infrastructure and legal proceedings. In addition, the negotiations touched upon events in the energy sector.
On January 27, it was reported that the total national debt of Ukraine in 2020 increased by 6.98% in dollar terms and amounted to $ 90.26 billion.
On January 6, it was reported that Ukraine should return about $ 1.7 billion of debt to the IMF. Also, according to the schedule, in 2022 she must pay the fund another $ 2.4 billion.
In June 2020, the IMF Board of Governors approved a new program to support Ukraine for a year and a half, totaling $ 5 billion. The country has already received the first tranche of 2.1 billion. According to the memorandum, it was expected that after the allocation of this money and the approval of the program, the remaining amount should be transferred in four installments, approximately $ 700 million, two of which were expected in June and September, the remaining – based on the results of two reviews in 2021.