Finance Minister Marchenko meets with IMF representatives

Representatives of the International Monetary Fund (IMF) have noted Ukraine's progress in carrying out reforms needed to continue the cooperation program.

As part of his working visit to the United States, Minister of Finance Serhiy Marchenko held meetings with IMF representatives to discuss further cooperation, Ukrinform reports with reference to the press service of the Ministry of Finance.

"The IMF representatives noted the progress in carrying out the reforms in Ukraine that are necessary for the continuation of the cooperation program. The negotiations took place with the Director of the European Department Alfred Kammer, IMF Executive Director Paul Hilbers, IMF Chief of Mission to Ukraine Ivanna Vladkova Hollar, IMF Resident Representative in Ukraine Vahram Stepanyan, and other representatives of the IMF team," reads the report.

It is noted that the talks allowed both parties to agree on the positions and reach a compromise on certain issues, including anti-corruption reform, corporate governance reform and the independence of the National Anti-Corruption Bureau of Ukraine (NABU).

The parties agreed to continue joint work to reach the Staff level agreement in the near future.

Marchenko noted that Ukraine has achieved significant results in the implementation of IMF structural beacons. He stressed that the Verkhovna Rada of Ukraine in a short time passed several laws necessary to continue the IMF Program.

"The IMF support is very important for Ukraine. And I am grateful for the support for reforms. The economic situation in the country is improving, but it is extremely crucial to be in the program of cooperation with the IMF to ensure the macroeconomic stability in Ukraine," said Marchenko.

As reported, on June 9, 2020, the IMF approved an 18-month Stand-By Arrangement for Ukraine, with total access of about $5 billion. After the first tranche of $2.1 billion was disbursed, four program reviews and several more tranches were projected, but this plan has not been implemented yet.