Cooperation with the IMF remains important for Ukraine, in particular, to replenish foreign exchange reserves of the country. This was stated by the acting head of the National Bank of Ukraine (NBU) Yakov Smoliy.
“Implementation of the eff the EFF will increase international reserves to $ 20 billion at the end of this year to 27 billion dollars at the end of the following” – calculated resin.
Also, according to him, the accumulation of reserves will contribute to the calculations of the government vashemu debt with funds received from the special confiscation.
At the moment, according to the NBU, Ukraine’s reserves amount to almost 18 billion dollars.
While the NBU notes that it remains “some uncertainty” regarding the implementation in Ukraine of the structural reforms needed, in particular, for cooperation with the IMF.
“Ineffective implementation of the reforms may lead to deterioration of economic growth prospects, which could have negative consequences for inflation and exchange rate expectations and fuel inflationary pressures,” – said resin.
We will remind, the national Bank of Ukraine has made decision to leave discount rate at 12.5%.
The Bank also changed its forecast for growth of Ukraine’s GDP in 2017.
The Minister of Finance of Ukraine Alexander danyluk said earlier that he expects that the IMF will decide on granting Ukraine the next tranche under the EFF program in autumn.
However, the Agency Bloomderg wrote that Ukraine may not receive the next tranche of the IMF right up to the end of this year due to the fact that ukraisnkaya party fails to accept the reforms demanded by the Fund.
The Prime Minister Volodymyr Groysman in an interview with the Agency noted that the adoption of pension reform is on schedule. However, the steps to create an anti-corruption court to undertake, but a bill on land reform in a timely manner will not be accepted.
As reported, the head of the International monetary Fund (IMF) Christine Lagarde thanked the President of Ukraine Petro Poroshenko for the progress made to date in the framework of eff EFF.
We will remind, the IMF mission on the results of work in Kiev reported the need for technical revision of the draft laws and their parliamentary support, concerning pension and land reforms, reviving the privatization and to ensure concrete results of anti-corruption efforts.
On 3 April, the IMF approved the allocation of Ukraine the fourth tranche of the extended Fund in the amount of $ 1 billion. Money started to arrive at the NBU on 5 April.
The entire program provided Ukraine with about $ 17 billion, of which Kiev has already received 8.7 billion dollars.
According to calculations of the international rating Agency S&P, the next tranche of the IMF, as well as the related funding from external donors is likely to come to Ukraine in the second half of 2017 – provided that Ukraine makes progress in carrying out key land and pension reforms.