Review of the IMF EFF Program by the IMF Mission: Reforms and Financial Stability on the Agenda
As previously reported by the Judicial and Legal Newspaper, the International Monetary Fund (IMF) mission arrived in Kyiv to conduct the first review of the four-year Extended Fund Facility (EFF) program for Ukraine amounting to 8.1 billion dollars.
The Governor of the National Bank of Ukraine (NBU), Andrii Pyshnyi, reported that on May 27, expert meetings with the IMF mission team began within the framework of the first review of the Extended Fund Facility program and consultations under Article IV.
According to him, the head of the mission in Ukraine, Gavin Gray, clearly outlined the current situation regarding both the program implementation and the macroeconomic framework, which has been influenced in recent months by, among other things, geopolitical changes.
"Another factor currently is the internal processes and the need to adopt legislative decisions defined by the program conditions.
During the mission, we will discuss in great detail all parameters of macroeconomic policy and the implementation of structural reforms. Regarding the financial sector, attention will be focused, in particular, on the topics of activating capital buffers and implementing a third-party risk management system in financial institutions.
We understand that the starting positions for this review are challenging. At the same time, I note that the NBU consistently and systematically fulfills its obligations. And we are ready for discussions on all issues," he said.
Andrii Pyshnyi added that it is obvious to colleagues the complexity of the situation, the informational pressure under which they have to work and defend their policy. According to him, the message voiced by IMF Managing Director Kristalina Georgieva in Paris was effectively continued: "An independent NBU plays a key role in ensuring macrofinancial stability and is a very important partner of the IMF program for Ukraine."
"The context of the first review of the program also includes the statement made by participants of the G7 partner countries meeting in Paris, which explicitly emphasizes the importance of unwavering progress in implementing reforms and fulfilling the program.
The previous program showed that Ukraine can accomplish difficult tasks, and the IMF's flexibility combined with persistence on strategic issues allows us to find the right solutions. I am confident it will be the same this time," said the head of the NBU.
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