The International Monetary Fund (IMF) has decided to grant Ukraine a new tranche within the expanded financing mechanism (EFF) of $ 1.1 billion. This was made possible by the successful fulfillment of the conditions required for the sixth revision of the cooperation program.
The Ministry of Finance of Ukraine reported that the country has fully fulfilled all requirements for the next review. Among the key achievements:
- Adoption of changes to the Customs Code.
- Assessment of financial risks for stability and preparation of an action plan for various scenarios.
- Analysis of the financial condition of centralized heat supply enterprises.
- Development of public property management policy in the field of state -owned enterprises, dividend policies and privatization strategy.
Important structural reforms have been implemented:
- Dismissal of the National Commission for State Regulation in the Field of Energy and Utilities (NERCEP) from the state registration procedure.
- Formation of a new composition of the Supervisory Board of Ukrenergo, most of which are independent members.
- Amendments to the Law on the Accounting Chamber.
In total, within the EFF program, Ukraine has already fulfilled 35 structural beacons, which indicates its readiness to continue the reforms.
The IMF leadership has praised Ukraine's progress, noting that the country's economy demonstrates stability despite difficult conditions. All quantitative performance criteria and structural control indicators were performed at the end of September.
In view of this, the IMF increased the forecast of Ukraine's economic growth by 2024 to 4%. Such optimism is based on the greater stability of the Ukrainian economy to energy shocks than expected earlier.
