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