IMF discusses Program Monitoring with Board involvement for Ukraine

The IMF Executive Board discussed Program Monitoring with Board involvement (PMB) for Ukraine. It is designed to help Ukraine maintain stability and catalyze donor financing.

“The 4-month PMB, which has been approved by IMF Management, is designed to help Ukraine maintain stability and catalyze donor financing amid very large balance of payment needs and exceptionally high risks,” reads the IMF’s press release published on Monday.

Key measures under the PMB include enhancing revenue mobilization and reviving the domestic debt market, preparing a financial sector strategy, and enhancing transparency and governance.

Although the program does not provide for the allocation of new tranches, it will contribute to attracting funding from other international donors in 2023.

As reported, from November 11 to 22, the IMF mission led by Gavin Gray held online discussions with the Ukrainian authorities, discussing the PMB key elements. Already on November 23, the parties reached staff level agreement on program monitoring with board involvement. Ukraine's proper implementation of its obligations under the program will facilitate the transition to the new IMF program, which will already provide for financing.

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