IMF mission, Ukrainian authorities start discussions on sixth review of EFF Arrangement

Officials from the Ministry of Finance of Ukraine, the National Bank of Ukraine, and staff from the International Monetary Fund have commenced discussions on the sixth review of the Extended Fund Facility (EFF) Arrangement.

That is according to the Ministry of Finance of Ukraine, Ukrinform reports.

The mission's objective is to assess Ukraine's progress in meeting the conditions of the EFF and prepare for the sixth review of the Memorandum on Economic and Financial Policies.

For this review, Ukraine should meet four structural benchmarks: conduct a review of pre-war policies and practices for medium-term budget planning, assess financial risks to stability and prepare action plans for various scenarios, analyze the debts and assess financial conditions of District Heating Companies, and produce a SOE state ownership policy, dividend policy and privatization strategy.

"The Ministry of Finance, along with teams from the National Bank and IMF, continues to work diligently on implementing the jointly identified reforms. We have successfully completed five program reviews and expect a successful sixth review in December, which would result in the next tranche of about $1.1 billion," said Minister of Finance of Ukraine Sergii Marchenko.

The IMF mission will continue in Kyiv in the next few days.

To date, the State Budget of Ukraine has received six tranches totaling about $8.7 billion from the IMF EFF Arrangement, out of a total of $15.6 billion designated for the program.

Photo credit: Ministry of Finance of Ukraine