IMF mission in Ukraine begins work on program review
The International Monetary Fund (IMF) mission initiated its review of Ukraine's implementation of the Extended Fund Facility (EFF) program on Nov. 6, the National Bank of Ukraine (NBU) announced in a press release.
“We are prepared for a constructive analysis of the work done and a fruitful discussion about next steps,” said NBU Governor, Andriy Pyshnyy, on Facebook.
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“The review will be challenging, but the Ukrainian team has been working in a coordinated and effective manner for over 20 months amid a full-scale war. We clearly understand the critical importance of maintaining IMF support, not only for financing our budgetary needs but also for our nation's overall development and its European future.”
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The mission will operate in a hybrid format, combining in-person and remote work. The Ukrainian team, comprising representatives from the NBU, the Finance Ministry, and other government agencies and institutions, will participate in working meetings in Warsaw and remotely from Kyiv.
The second program review will evaluate Ukraine's adherence to its commitments outlined in the Memorandum. This includes various aspects, including fiscal, monetary, and exchange rate policies, financial stability, and structural reforms aimed at fostering medium- and long-term economic growth.
Meetings will focus on the country's financial sector, stability assessments of the banking sector, the execution of the Strategy for Relaxing Currency Restrictions, the shift toward greater exchange rate flexibility, and the return to inflation targeting. The results of transitioning to a managed exchange rate regime and the implementation of risk-oriented supervision in the financial sector will also be addressed.
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Furthermore, discussions will encompass topics related to financing the state budget deficit, including international financial assistance and the domestic debt market.
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