IMF notes some progress in talks with Ukraine

The International Monetary Fund remains "closely engaged" with Kyiv in the context of the first review of the Stand-By Arrangement and notes "some progress" in obtaining the next tranche, but says more needs to be done.

IMF Spokesperson Gerry Rice said this at a briefing in Washington on Thursday, June 10, according to an Ukrinform correspondent.

"We remain, I should say, closely engaged with the Ukrainian authorities on progress towards concluding that first review. That means discussions around implementing the policies and reforms in that program," he said.

Rice specified that discussions were underway on strengthening the governance of the National Bank, improvements to the legislative and regulatory framework for bank supervision and resolution, policies to reduce the medium-term fiscal deficit, as well as legislation restoring and strengthening the anti-corruption framework, and the judiciary.

"Some progress has been made but more is needed before completion of that first review," Rice said.

On June 9, 2020, the IMF approved an 18-month Stand-By Arrangement for Ukraine, with total access of about $5 billion. Following the immediate disbursement of the first tranche of about $2.1 billion, four program reviews were projected, and upon their completion, the IMF makes decisions on the allocation of the next tranches.

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