Ukraine continues to fulfill its obligations to the International Monetary Fund (IMF), confirming the successful implementation of the terms of the four-year Extended Fund Facility (EFF) program launched in March 2023. Ruslan Kyslyak, in his review, 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 by reaching a staff-level agreement. 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 worth about $2.2 billion.
To continue cooperation with the IMF and receive new tranches of financing, Ukraine must implement a number of important reforms by the end of 2024. Among them:
- Development of a concept for the development of the “Affordable Loans 5-7-9%” program by 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.
- Determination of the amount of debt and assessment of the financial condition of the heating and utility company by the end of June.
- Conducting an assessment of the effectiveness of tax benefits by the end of July.
- Adoption of a law establishing a new court that 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 expenditures by the end of September.
- Completion of an external audit of the effectiveness of the National Anti-Corruption Bureau by the end of September.
- Conduct a diagnostic review of pre-war budget planning policies and practices by the end of October.
- Development of a state property management policy and privatization strategy by the end of December.
- Preparation of a bank recovery mechanism in consultations with the IMF by the end of December.
These measures are aimed at ensuring economic stability and supporting Ukraine's financial system during the military conflict.
