Ukraine nearing second review of EFF arrangement – Pyshnyy

Ukraine is on the threshold of the second review of the Extended Fund Facility arrangement with the IMF, so the key focus is on what has been done to complete it and on overall progress throughout the year.

"One of the main meetings in Marrakech is with IMF Managing Director Kristalina Georgieva. We are on the threshold of the second review of the Fund's Extended Fund Facility, so the key focus of attention is on what has been done for its successful completion and the overall progress of Ukraine throughout the year," Governor of the National Bank of Ukraine Andriy Pyshnyy posted on Facebook.

According to him, the IMF arrangement sets a very clear perimeter of transformation and reform that our country and the financial sector should undergo. Each review of the arrangement is a certain qualitative verification of completed tasks for us, as well as for partners and the donor coalition. The expertise of the IMF is at a high level and the trust in their conclusions is appropriate.

"Once again, I would like to praise Georgieva's deep personal involvement in the issue of providing financing for Ukraine. Without a doubt, the IMF is aware that the sufficiency and timeliness of international financial assistance are critically important for the country's financial stability. During the meeting, the needs for 2024 and our readiness to move forward with the arrangement were discussed in detail as soon as possible," Pyshnyy noted.

He added that the partners understand the level of uncertainty in which they have to work, at the same time noting that Ukraine has demonstrated a high ability to fulfill its commitments even in such conditions.

"The current results have been discussed – with which we approach the review. The NBU fulfilled all obligations, but we generally have debatable issues on the agenda of the future IMF mission. We are preparing very thoroughly. If everything goes according to plan, this year Ukraine will receive a total of $4.5 billion from the IMF," the NBU governor concluded.

As reported, the Annual Meetings of the World Bank Group and International Monetary Fund started in Morocco on October 9. Among the most important topics are the impact of the Russian war on the global economy, the continuation of financial support for Ukraine, food security challenges.

Photo: Andriy Pyshnyy, Facebook