Sergii Marchenko Commented on the IMF Program Implementation

The Ministry of Finance expects to receive credit tranches from the IMF under the Stand-By Program by the end of this year.  Minister of Finance Sergii Marchenko has said this in an interview with the Minfin financial news portal.

"We hope that we will receive the funds in 2020, at least we are doing everything possible for this," – said the Minister.

Sergii Marchenko stressed that Ukraine has implemented four of the ten structural benchmarks under the program and the implementation of two more is in the final stage.

"We have already implemented four of the ten structural benchmarks of the Memorandum with the IMF.  Work has been done to reduce non-performing loans. For example, in September, the share of non-performing loans (NPLs) in the banking sector decreased from 48% to 45.6%. Finally, the gas market has been launched for private consumers, who can now choose their own gas supplier. Tasks on customs and tax reform were also fulfilled - single legal entities were established, the charter of Naftogaz was improved and changes were made to the regulations governing the salaries of CEOs and members of supervisory boards of public sector enterprises. By the way, this was one of the problematic issues, and now it has been resolved (the Cabinet of Ministers has adopted a resolution of October 26, 2020, No 996 «Some issues of remuneration of managers, members of executive bodies and remuneration of members of supervisory boards of public sector entities»). The implementation of two more structural benchmarks is being finalized,"- said the Minister of Finance, Sergii Marchenko.