The International Monetary Fund is ready to continue cooperation with Ukraine after the change of its government, said IMF spokesman Jerry Rice.
The new government of Ukraine has made it clear to the International Monetary Fund (IMF) that it wants to continue cooperation with the Fund. The official representative of the IMF Jerry Rice announced this at a briefing on March 12, the Fund website posted a transcript.
“Indeed, last week a new government was appointed in Ukraine, and the new administration indicated that it wants to continue close cooperation with the IMF, including on the IMF support program. The authorities emphasized, including recently, that they want to continue a reasonable macroeconomic policies to ensure stability and promote reforms to achieve stronger and more sustainable growth, ”Rice said.
He noted that the Fund is ready to continue cooperation.
“We are fully involved in further supporting Ukraine’s reform efforts,” the IMF spokesman said.
On December 7, 2019, Ukraine and the IMF agreed on a new cooperation program for a period of three years in the amount of 4 billion special drawing rights (about $ 5.5 billion)
To sign a memorandum and receive money, Ukraine must perform several preliminary steps, said the first deputy head of the National Bank of Ukraine Yekaterina Rozhkova. In particular, this is the adoption of the draft law on the land market and draft law No. 2571 “On amendments to some legislative acts of Ukraine on certain issues of the functioning of the banking system”, which proposes to make it impossible to return nationalized banks to their previous owners.
On February 6, 2020, the LIGA.net publication wrote that the Verkhovna Rada Finance, Tax and Customs Policy Committee had changed government bill No. 2571, but the IMF had not agreed on the updated text.
Rice said on February 13 that dialogue on a new cooperation program is ongoing. He called the discussions with the Ukrainian side “active and constructive” and expressed hope that progress would be made, but could not name the date the program was considered.
On March 5, the new Prime Minister of Ukraine Denis Shmygal noted that his Cabinet will continue cooperation with the IMF.
On March 6, the newly appointed Minister of Finance of Ukraine Igor Umansky held the first official meeting with representatives of the Fund. He assured that cooperation with the IMF is important to maintain financial stability in Ukraine.
On March 10, Shmygal, Umansky and the Minister of Justice of Ukraine Denis Malyuka had a telephone conversation with the IMF team, during which they noted the importance expanded financing programs with the Fund, especially to support structural reforms, macroeconomic and financial stability in Ukraine.
President of Ukraine Volodymyr Zelensky noted that Ukraine has only two IMF conditions to fulfill – to pass a bill on the agricultural land market and a bill on the functioning of the banking system, which will make it impossible for banks to return to their former owners.