IMF opens talks with Ukraine on revising $15.6 billion funding program
Photo: International Monetary Fund (Getty Images)
The International Monetary Fund (IMF) has begun negotiations with Ukrainian authorities regarding the combined second and third reviews of the Extended Fund Facility (EFF) program.
Gavin Gray heads the Fund's mission. According to Priscilla Toffano, the IMF's Resident Representative in Ukraine, consultations with the Ukrainian side began today, November 9.
The negotiations will focus primarily on the macroeconomic and fiscal policy objectives that the Ukrainian authorities are seeking to achieve. Representatives of the Fund and the government will also discuss structural reforms.
This involves a combined review of two stages of the EFF program at once. The results will be significant for Ukraine's continued cooperation with the IMF under the current financing program.
In October, the IMF outlined the conditions for further financing of Ukraine. To receive the next tranches, Kyiv must continue reforms in the areas of revenue mobilization and public administration, as well as secure guarantees of financial support from its partners.
This involves combining the second and third reviews of the EFF program, following which Ukraine could receive two tranches totaling approximately $1.65 billion.
In July, the Fund had already transferred approximately $690 million to Ukraine following the first review of the program.
