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Ukraine, IMF agree on new cooperation program for around $5.5 bln

09.12.2019 15:00 "Agro Perspectiva" (Kyiv) Ukraine and the International Monetary Fund (IMF) have reached agreement on a new cooperation program in a telephone conversation between Ukrainian leader Volodymyr Zelensky and IMF Managing Director and Chair of the Executive Board Kristalina Georgieva, the press service of the head of state reported on Sunday.

The IMF head praised the new [Ukrainian] administrations economic achievements and the progress in the introduction of reforms made by the government led by Prime Minister Oleksiy Honcharuk. The sides noted following the discussion that Ukraine and the IMF had come to the Staff Level Agreement on a new cooperation program, the press service said.

Zelensky said that he and Georgieva had a very constructive discussion.

I am glad that we have reached full understanding and our turbo-mode has been praised by the IMF. I am grateful to the Parliament, the Government and our entire team for their tireless work for the sake of Ukraine. The new program of cooperation with the International Monetary Fund aims to accelerate economic growth, actively eradicate corruption and improve well-being of every Ukrainian, the presidents press service quoted Zelensky as saying.

The head of state said that Ukraine is not satisfied with the current rate of economic growth, therefore, in order to accelerate economic growth, we, together with our international partners, will continue reforms to catch up with our neighbors in terms of economic development and prosperity.

According to the press service, Georgieva said that she commended the extraordinary progress that Zelensky and his government have made over the past few months in promoting reforms and continuing reasonable economic policy.

I assured the President of the IMFs readiness to support the political plan of the government for macroeconomic stability and boosting the economy to higher, sustainable and comprehensive growth, among other things, with new IMF support. IMF staff has reached an agreement with the authorities on a policy of supporting a new three-year arrangement in the amount of four billion Special Drawing Rights (SDRs) within the IMF Extended Fund Facility, Georgieva said.

According to a statement of Georgieva on the website of the IMF, this agreement is subject to IMF management approval and to approval by the Executive Board.

I was pleased to note that IMF staff has reached agreement with the authorities on the policies to underpin a new 3-year, SDR 4billion (about $5.5billion) arrangement under the Extended Fund Facility. This agreement is subject to IMF management approval and to approval by the Executive Board, and effectiveness of the arrangement will be conditional on the implementation of a set of prior actions, she said.

She said that the Ukrainian President and she agreed that Ukraines economic success depends crucially on strengthening the rule of law, enhancing the integrity of the judiciary, and reducing the role of vested interests in the economy, and that it is paramount to safeguard the gains made in cleaning up the banking system and recover the large costs to the taxpayers from bank resolutions.

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Agro Perspectiva

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