Ukraine

The IMF published an updated memorandum for Ukraine: most of the conditions have been met

The International Monetary Fund published an updated memorandum with Ukraine, which determines the terms of further financial support for the country. According to People’s Deputy Yaroslav Zhelezniak, Ukraine has already fulfilled 23 of 37 key “beacons”, including reforms and legislative changes.

Among the fulfilled conditions: the development of a conceptual note on the “5-7-9” program and the individual review of VAKS cases (albeit with a delay). Also, on June 28, President Zelenskyi signed the law on the restart of the BEB, which was one of the important “beacons”.

However, there are still 15 requirements that Ukraine must fulfill by the end of the year, including:

  • Development of a methodology for assessing tax benefits and analysis of the financial condition of heat supply enterprises (until the end of October).
  • Completion of the external audit of NABU and adoption of changes to the Customs Code (by the end of October).
  • Adoption of a government resolution on the link between medium-term planning and capital expenditures (by the end of December).
  • Continuation of the transfer of state-owned banks to the management of the Ministry of Finance and preparation of the concept of rehabilitation of banks (until the end of December).
  • Creation of a new court to consider administrative cases against state bodies (by the end of December).
  • Fulfillment of these conditions is important for continued cooperation with the IMF and obtaining further financial support necessary for stabilizing the economy of Ukraine in wartime conditions.

The Board of Directors of the IMF completed the fourth review of the Enhanced Financing Program for Ukraine (EFF), deciding to allocate about $2.2 billion to Ukraine, which will be used for budget support.

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