: IMF starts working in Ukraine

13:08 May. 10, 2016

IMF starts working in Ukraine

International Monetary Fund Managing Director Christine arrives at a news conference at IMF headquarters, June 16, 2014 in Washington, DC (Getty Images)

Misision experts to stay in Kyiv until May 18 

Experts from the International Monetary Fund (IMF), Ukraine's key creditor, arrived in Kyiv, on May 10, as was planned earlier, Ukrainian Ministry of Finance reports.

"The mission has arrived and set to work", states the Ministry's press service.

The mission led by Ron van Ruden will reportedly hold meetings with authorities. It will be working in Ukraine until 18 May. Its key objective is to discuss and complete the second review of the reform program approved in March 2015.

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In March 2015, the IMF announced a four-year bailout programme Extended Fund Facility (EFF) for Ukraine which consisted of USD 17.11 billion in loans. Last year Ukraine obtained the first two tranches - USD 5 billion and USD 1.7 billion, respectively.

In the meantime, the cooperation programme is under the second revision. Ukraine and the IMF continue to discuss a wide range of issues including monetary, banking, anti-corruption policy, pension reforms, and privatization aspects.

The revision should result in a memorandum of the Ukrainian authorities with the IMF Board of Directors.

Earlier, Finance Minister Alexander Danyluk said that it is crucial for Ukraine to restore cooperation with the IMF, as it gives purpose to the reform agenda, and opens up additional finance opportunities with other creditors.

However, he did not exclude that in future Ukraine can move to a higher level of relations with the Fund, when the parties negotiate and defend their positions regarding the most sensitive aspects of the economy development.

Prior to visiting Ukraine, the IMF predicted that Ukraine's economy would grow in 2016 by 1.5%, with the inflation rate remaining at 15.1%.

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