IMF Experts to Discuss Draft Budget in Ukraine

They will be in Ukraine from Nov. 4 to Nov. 9


Photo from Ukrinform

Representatives from the International Monetary Fund (IMF) will be in Ukraine from Nov. 4 to Nov. 9 to discuss the 2019 state budget, the press service of the IMF representative in Ukraine said, Radio Svoboda reports.

The approval of the budget is one of the conditions for sending funds to Ukraine.

On Oct. 19, Ukraine and the IMF agreed on economic policies for a new 14-month Stand-By Arrangement (SBA).

The SBA will replace the arrangement under the Extended Fund Facility, which was approved in March 2015 and will expire in March 2019.

The new SBA amounts to 2.8 billion Special Drawing Rights, which is equal to $3.9 billion. It will focus in particular on continuing with fiscal consolidation, reducing inflation, and reforms to strengthen the tax administration, the financial sector and the energy sector.

After the Verkhovna Rada approves the budget, taking into account the recommendations of the IMF, the agreement will be considered by the Fund’s executive board.

The Stand-By Arrangement was welcomed by G7 ambassadors.

The Ukrainian government plans to approve the 2019 budget in early December, which is a deadline given by international financial institutions, according to Prime Minister Volodymyr Groysman.

Source UATV
date 03.11.2018
categories Economics
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