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Ukraine pledges to return ceiling for govt guarantees of 3% of state budget revenue from 2022 – memo with IMF.

Ukraine has committed to return to the practice of the ceiling for public guarantees to be set at 3% of the planned revenue of the general fund of the state budget, according to the Memorandum of Economic and Financial Policies of Ukraine signed with the IMF, published by the IMF on Wednesday.

According to the document, in consultation with the IMF, Ukraine will analyze ways to improve the management of guarantees, in line with best practices and with the objective of ensuring their consistency with the medium-term fiscal framework and debt sustainability.

According to the document, so far in 2021, Ukraine has issued UAH 38.9 billion in government guarantees, and the country's plans for the remainder of the year are consistent with remaining within the established ceiling of UAH 70 billion. Revenue of the general fund of the state budget is planned at UAH 1.022 trillion.

Ukraine in 2020 abandoned the ceiling for the provision of public guarantees, which the Budget Code prescribes, to support the economy during the coronavirus crisis. Initially, the state budget for 2020 provided for a limitation on the provision of state guarantees of UAH 29.3 billion. In 2021, Ukraine continued this practice.

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