IMF expects more progress in Ukrainian reforms

The International Monetary Fund (IMF) praised recent talks with Finance Minister of Ukraine Serhiy Marchenko, but noted that more progress is needed in reforms in Ukraine.

Gerry Rice, Director of the IMF's Communications Department and IMF Spokesman, said this at a briefing in Washington on Thursday, according to an Ukrinform correspondent.

“On Ukraine, I’d say we remain closely engaged with the authorities on implementing the policies and reforms needed to move forward under the current standby arrangement,” he said.

In this context, Rice noted “very constructive meetings with Finance Minister Serhiy Marchenko”.

According to the IMF spokesman, the discussion was focused on strengthening governance of the National Bank of Ukraine, improvements to the legislative and regulatory framework for Bank supervision and resolution. In addition, the issues of fiscal deficit, restoring and strengthening the anticorruption framework and the judiciary, as well as energy policy were considered.

He also noted that the IMF welcomes the recent approval of laws aimed at strengthening the judicial system in Ukraine, but “more progress is needed in several other areas”.

“So, our discussions with the authorities will be continuing in the period ahead,” Rice said.

As reported, on June 9, 2020, the IMF approved an 18-month Stand-By Arrangement for Ukraine, with total access of about $5 billion.

Last week Finance Minister of Ukraine Serhiy Marchenko was on an official visit to Washington, where he met with the IMF leadership and representatives of the U.S. government.

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