The IMF mission will work for a week. The head of the National Bank noted that during the meeting the parties jointly outlined its agenda.
The head of the National Bank of Ukraine, Andriy Pyshny, reported on the results of a meeting with the IMF delegation as part of the mission for the fifth revision of the extended financing program. The head of the NBU informed this to Facebook on Wednesday, September 4th.
“Within the walls of the NBU, together with the Minister of Finance Sergei Marchenko, we spoke with the head of the IMF mission in Ukraine Gavin Gray, his deputies Sana Nadim and Trevor Lessard, the permanent representative of IMF in Ukraine Prishila Tofano and IMF deputy executive director Vladislav Rashkovan,” said Pyshny.
He is convinced that “we will also go through this difficult review with full responsibility for finding the most effective solution.”
The mission will run for one week. Now the parties have outlined its agenda.
As Gavin Gray said, it is important for the IMF and the donor coalition to see progress in program implementation. In this regard, Pyshny assured that the obligations assigned to the National Bank for the fifth revision were fulfilled almost in full, some “ahead of time.”
As part of the mission, the parties should especially focus on the increased ability to accumulate internal resources to meet the needs of the state budget, given the duration and intensity of the war.
“The task is really not easy. We see that the work on the domestic debt market has a big role in solving it,” added the head of the NBU.
Issues of maintaining an adequate level of international reserves and maintaining macro-financial stability will also be discussed. In particular, the search for the optimal set of monetary and fiscal policy measures will be important.
“We plan to consider the trajectory of the government’s medium-term budgeting, which is important for understanding the potential funding under the Extraordinary Revenue Acceleration Loans (ERA) mechanism. Currently, donors are focused on finding of solutions for its practical implementation,” Pyshny explained.
He stressed that a financial instrument secured by future income from Russia’s immovable assets could provide Ukraine with additional financial resources as early as 2025.
Separately, the NBU team intends to hold discussions with representatives of the Fund on updating the macroeconomic forecast, additional monetary policy and ongoing reform of the financial sector.
“It seems to me that we have a common vision on our further movement towards reforms and maintenance of macro-financial stability,” added the head of the National Bank.
Earlier, we informed that the mission of the IMF on September 4 begins negotiations with the authorities of Ukraine to change the extended financing program for $1.1 billion.
It was also reported that the International Monetary Fund is launching a mission for the fifth revision of the EFF extended financing program, which will allow Ukraine to raise $1.1 billion by the fall of 2024.
Let us remind you that the IMF has published an updated memorandum on Ukraine, the fulfillment of the conditions of which will determine additional support for Ukraine.
Source: korrespondent
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