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Ukrainian authorities and IMF Staff Reach Staff Level Agreement on the review of Program Monitoring with Board Involvement

IMF staff and representatives of the Ministry of Finance of Ukraine, the National Bank of Ukraine have reached a staff-level agreement on the review under the Program Monitoring with Board Involvement (PMB).

The Ukrainian side has fulfilled all structural benchmarks agreed with the IMF under the PMB. Also, all end-December quantitative and indicative targets have been met. The authorities’ performance under the PMB was assessed by the IMF staff as strong. In particular the IMF representatives recognized the coordinated joint efforts of the Government of Ukraine, the Ministry of Finance of Ukraine and the National Bank of Ukraine in implementing measures and targets of the PMB.

The PMB includes policies and measures to: 

 -        boost tax revenues and revive the domestic debt market; 

-        contribute to the long-term stability of the financial sector; 

-        contain monetary financing; 

-        enhance governance and transparency.

The successful review of the current program paves the way to start the discussions on a fully-fledged IMF-supported program.

Concluding the discussions, Finance Minister Sergii Marchenko stated:

"I am positive about the results, as the teams of the IMF, the Government of Ukraine, and the National Bank of Ukraine discussed the broad list of issues related to economic, fiscal, and monetary policies that were on the agenda during the Mission in Warsaw. I am grateful to the IMF experts for the constructive dialogue that allowed us to reach an agreement on the review of the Program Monitoring with Board Involvement."

"In the upcoming weeks, we look forward to further effective cooperation with the IMF,  focusing on discussions regarding the launch of a fully-fledged Fund-supported program."