Sergii Marchenko met with IMF Managing Director Kristalina Georgieva

Today, on February 20, Sergii Marchenko held a meeting with IMF Managing Director Kristalina Georgieva, Director of the IMF's European Department Alfred Kammer and IMF Executive director Paul Hilbers.

The meeting was also attended by First Deputy Minister of Finance Denys Uliutin, Deputy Minister of Finance Olga Zykova, Deputy Minister of Finance for European Integration Yuriy Draganchuk, Deputy Minister of Finance Alexander Kava and Government Commissioner for Public Debt Management Yuriy Butsa.

The parties discussed the results of the IMF mission on the review under the Program Monitoring with Board Involvement, which took place in Warsaw on February 13-17, as well as the prospects for launching a new full-fledged cooperation program with the support of the IMF.

Sergii Marchenko welcomed Kristalina Georgieva with the first visit to Kyiv and thanked for prompt IMF financial assistance after the start of the full-scale war and support in the implementation of important measures and policies in the tax, budget and financial areas.

"The Government of Ukraine highly appreciates the IMF's support and contribution to the country's economic development over the years. In times of war, the partnership with the Fund helps to maintain financial stability and to systematically implement the necessary reforms and policies. Last week, during the IMF mission, we reached a Staff Level Agreement on the review of Program Monitoring with Board Involvement. In this context, we look forward to starting discussions on a full-fledged program with the support of the IMF to ensure the financing of priority, including humanitarian and social budget expenditures in 2023," said Sergii Marchenko.

Under the Program Monitoring with Board Involvement Ukrainian side has performed all structural benchmarks agreed with the IMF. Also, all end-December quantitative and indicative targets have been met in time. The authorities’ performance under the PMB was assessed by the IMF staff as strong. 

In 2023, the need for additional external financing to cover the budget deficit reaches USD 10 billion. Sergii Marchenko emphasized that the possible launch of a full-fledged long-term cooperation program with the support of the IMF would help to reduce the budget deficit and maintain macroeconomic and financial stability. In addition to the direct attraction of funds from the IMF, this will mobilize support from other donors.

During the meeting, the IMF leadership noted the efforts of the Government of Ukraine to maintain the country's financial stability and the high results of the implementation of the measures envisaged by the Program Monitoring with Board Involvement.