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IMF wants more progress from Ukraine on new tranche

Ukraine / Business and Finance

The mission of the International Monetary Fund (IMF) completed its work in Ukraine. The parties did not agree to revise the stand by program.

IMF wants more progress from Ukraine on new tranche
Фото: Йоста Люнгман (vmr gov ua)

The IMF mission has had productive talks with Ukraine, but the country needs to show more progress in reforms to reach an agreement on a new tranche under the $ 5 billion program, an IMF official in Kiev said on Saturday.

"Discussions will continue," Guesta Jungman said in a special statement.

Discussions focused on strengthening the governance of the National Bank, improving the legislative and regulatory framework for banking supervision and resolution of insolvency, policies to reduce the medium-term budget deficit, restoring legislation and strengthening the anti-corruption base and judicial system, as well as energy policy, he said.

Ukraine expects to receive from the IMF $ 2.2 billion in three equal tranches in 2021, said the chairman of the Central Bank Kirill Shevchenko.

Last June, the IMF approved a $ 5 billion loan program and allocated the first tranche of $ 2.1 billion to help the Ukrainian economy, which has been hit hard by the coronavirus pandemic.

Further loans were frozen due to the slow pace of reforms in Ukraine.

The IMF is also concerned about the government's decision in January to regulate gas prices for the population.

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