IMF Prepares a Three-Year Program for Ukraine

The IMF mission may soon return to Ukraine to continue negotiations on a new program. The new IMF program for Ukraine is designed for three years and will be aimed at maintaining macroeconomic stability and introducing deep structural reforms, said Poul Thomsen, the director of the IMF’s European Department, on Friday, October 18, Ukrinform reports. I think the important thing to keep in mind is that Ukraine has achieved a considerable measure of macroeconomic stability “As I said, I think the important thing to keep in mind is that Ukraine has achieved a considerable measure of macroeconomic stability,”said Thomsen. In this regard, he emphasized that one of the main key points was the modernization of the National Bank, which also provided for the strengthening of its independence. “And we consider itcriticalto preserve that,” the IMF representative emphasized. In addition, he drew attention to aspects of monetary policy in Ukraine, as well as financial sectorsupervision. In this context, the Fund’s representative recalled the issue of PrivatBank, which is now being considered in court. He also emphasized: it is critical that the state continue its effort to try to limit the losses to the taxpayers from that resolution. With regard to structural reforms in Ukraine, to which the IMF pays attention before concluding agreements on a new program, Thomsen named, in particular, land reform, tackling corruption, as well as efforts aimed at greater opening of the market in Ukraine. At the same time, Thomsen did not specify what amount the new program for Ukraine mentions: “The amounts have not been discussed yet, so I cannot tell you anything on the amount.” The IMF representative emphasized that the dialogue with the Ukrainian government is ongoing, and is going well. He also noted that the IMF intends to send a mission back to Ukraine out in a couple of weeks to continue to put the details on some of these reforms. Finance Minister Oksana Markarova, who is in a dialogue with the IMF in Washington, confirmed this information. The delegation of Ukraine went to negotiations with the IMF on October 15. The day before it became known about the process of negotiations. In September, the Ukrainian authorities did not reach an agreement on a new cooperation program with the IMF during the two-week negotiations. Korrespondent