Financial sector news

The IMF mission in Warsaw has come to an end: Ukraine is one step closer to receiving a new tranche

  • Source: NBU

The International Monetary Fund (IMF) mission in Warsaw has concluded its work with a staff-level agreement (SLA) on the fourth review of the Extended Fund Facility (EFF) for Ukraine. This important event brought Ukraine closer to receiving the next tranche of funding, which this time will amount to about USD 2.2 billion.

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The mission noted significant progress in the implementation of the programme and the high quality of the Ukrainian team's work. All quantitative performance criteria were met in full, and structural benchmarks were delivered on time or with minor delays.

The National Bank of Ukraine (NBU) has also been active in strengthening banking regulation, supervision, lending and capital market infrastructure. The NBU plans to continue currency liberalisation, move towards greater exchange rate flexibility, and return to inflation targeting to support macroeconomic stability and economic recovery.

Particular attention was paid to financial inclusion in the de-occupied and frontline territories, where its low level hinders economic activity. The NBU is preparing for diagnostic work involving IMF and World Bank experts to develop appropriate policy measures.

"We have a really good result - a staff-level agreement (SLA) on the fourth review of the Extended Fund Facility (EFF) programme has been reached. Ukraine is on the verge of receiving the next tranche from the IMF: this time the amount will be significantly higher - about USD 2.2 billion... Today we have reached a certain historical milestone in our cooperation with the IMF. The Council's approval of the fourth review will make the EFF the most effective programme for Ukraine among all IMF programmes at this stage - it will be the first time that our country has undergone so many successful reviews under one programme,’ said NBU Governor Andriy Pyshnyi.

The discussions also touched upon the use of Russia's immobilised assets for the benefit of Ukraine, in particular the decision taken by the EU Council to confiscate excess profits. We are looking forward to the G7 summit, which should open up additional opportunities for our country to access these assets.

Preparations for the approval of the fourth review by the IMF Board of Executive Directors are ongoing, and the Ukrainian side has high hopes for a positive decision that will allow us to receive the next tranche of funding to support macroeconomic stability and economic reforms.

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The mission of the Association of Ukrainian Banks is to support the development of the national banking system. The AUB cooperates with the Verkhovna Rada of Ukraine on improving the legislation governing banking activities, and interacts with the National Bank of Ukraine on regulatory support for the functioning of banks and non-bank financial institutions. The CBA takes care of the professional development of bank employees, expands international relations with associations and banking institutions of other countries.



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