​Ukraine and the IMF discuss the terms of the fourth cooperation program review

4/22/18

Ukraine and the International Monetary Fund discussed the steps required for the fourth cooperation program review during the Annual Spring Meetings of the IMF and the World Bank Group taking place in Washington (USA). This discussion took place during the meeting of the Ukrainian delegation led by Head of the National Bank of Ukraine Yakov Smoliy with David Lipton, First Deputy Managing Director of the IMF.

“Ukraine has achieved a remarkable progress in the stabilization of its economy and laying ground for growth. The current international situation is favorable for reform, so it is important not to waste time. We are ready to help Ukraine to make its reform efforts successful”, David Lipton said.

“I am grateful to the IMF team for the fruitful cooperation. I am sure that we will agree all open issues soon and reach a consensus. Presently, the Ministry of Finance is finalizing the budget resolution for the next three years which will make it possible to continue our policy aimed at reducing the budget deficit and to reduce the debt burden in accordance with the IMF program”, Minister of Finance Oleksandr Danyliuk said. He added that “the continued cooperation between Ukraine and the IMF is important for investors and poses a prerequisite for Ukraine to receive additional funding from the World Bank and micro-financial aid from the European Union”.

“The Ukrainian side is convinced that reforms are irreversible, since they are crucial for the micro-economic stability and the prosperity of our citizens. That is why we have a common vision with the IMF of the prospects for our further cooperation. We believe in our cooperation and will do everything to keep it running and to successfully implement the necessary reforms”, Yakiv Smoliy said.

The head of the Ukrainian delegation said its members serve as the best proof for the commitment of the President and the Prime Minister of Ukraine to finalize the fourth review of the cooperation program between Ukraine and the IMF soon and to continue the reforms.

“I am very grateful to the IMF team for their time spent together with the Ukrainian delegation not only in these days in Washington, but also for the last several months marked by an intensive cooperation with the Cabinet of Ministers, the National Bank of Ukraine and the Presidential Administration,- the Head of the National Bank said. – We and I myself are convinced that the reforms are moving Ukraine in the right direction”.

Presently, the terms for the visit of an IMF mission to Kyiv are being agreed for the further cooperation according to the program.

“We have prepared a common roadmap, because both sides share a common vision of the program’s prospects and further steps. We will do everything to prove that cooperation programs of Ukraine and the IMF can be a success”, Yakiv Smoliy said.

The meeting with the top manager of the IMF was attended by Head of the National Bank Yakiv Smoliy, Minister of Finance of Ukraine Oleksandr Danyliuk, deputy Minister of Finance in charge for European integration Yuriy Butsa, Ambassador of Ukraine to the USA Valeriy Chaly, deputy Head of the Presidential Administration Dmytro Shymkiv, deputy Head of the National Bank of Ukraine Kateryna Rozhkova, CEO of the National JSC “Naftogaz” Andriy Kobolev, deputy executive director representing Ukraine in the IMF Vladyslav Rashkovan, deputy executive director representing Ukraine in World Bank Roman Kachur.

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