Ukraine continues to fulfill its obligations to the International Monetary Fund (IMF), confirming the successful fulfillment of the conditions of the four-year Extended Financing Program (EFF), launched in March 2023. In his review, Ruslan Kislyak highlights the reforms that Ukraine must implement by the end of 2024 in order to continue cooperation with the IMF and receive new tranches of financing.
The IMF mission, which worked in Warsaw from May 27 to 31, 2024, successfully concluded its work, reaching an agreement at the staff level. The IMF Board of Directors is expected to confirm this agreement in the coming weeks, as a result of which Ukraine will have access to financing in the amount of about 2.2 billion dollars.
In order to further cooperate with the IMF and receive new tranches of financing, Ukraine must implement a number of important reforms by the end of 2024. Including:
- Development of the concept of the development of the program "Affordable loans 5-7-9%" until the end of March, aimed at supporting small and medium-sized enterprises.
- Adoption of a new law on the Bureau of Economic Security by the end of June.
- Determining the amount of debt and assessing the financial condition of the thermal utility until the end of June.
- Assessment of the effectiveness of tax benefits by the end of July.
- Adoption of the law on the creation of a new court, which will hear administrative cases against state bodies, by the end of July.
- Identifying the largest state-owned enterprises affected by the war and preparing a review of potential budget costs by the end of September.
- Completion of the external audit of the effectiveness of the National Anti-Corruption Bureau by the end of September.
- Carrying out a diagnostic review of pre-war policies and practices regarding budget planning by the end of October.
- Development of state property management policy and privatization strategy by the end of December.
- Preparation of the bank recovery mechanism in consultation with the IMF by the end of December.
These measures are aimed at ensuring the stability of the economy and supporting the financial system of Ukraine during the military conflict.
