{"id":11666,"date":"2014-05-07T20:07:32","date_gmt":"2014-05-07T20:07:32","guid":{"rendered":"http:\/\/uacrisis.org\/?p=2459"},"modified":"2014-08-08T12:26:57","modified_gmt":"2014-08-08T10:26:57","slug":"2459-imf-is-satisfied","status":"publish","type":"post","link":"https:\/\/uacrisis.org\/en\/2459-imf-is-satisfied","title":{"rendered":"IMF is satisfied by cooperation with Ukrainian government and will continue to provide support"},"content":{"rendered":"

Kyiv, 7 May 2014 \u2013 IMF Executive Board approved $17.01 billion loan on April 30, 2014 to support Ukraine\u2019s economic reform program. Jerome Vacher, IMF Resident Representative in Ukraine, talked during the press briefing at the Ukrainian Crisis Media Center about IMF\u2019s support program and key reforms to be done in Ukraine.<\/p>\n

Mr.Vacher mentioned that the new government that took office in late February has quickly taken steps toward restoring macroeconomic and financial stability. However, in addition to entrenching macroeconomic stability, Ukraine needs to undertake deep-reaching structural reforms to reduce imbalances, improve governance and the business climate\u2013\u2013Ukraine\u2019s long-standing weaknesses\u2013\u2013and move toward balanced growth. An emphasis on capacity building is critically needed to address the legacy of ad hoc policy design and implementation.<\/p>\n

Ukraine was faced with a number of urgent challenges, including dwindling official foreign exchange reserves and the possibility of not being able to meet its external obligations, and the authorities have embarked on a comprehensive and ambitious reform program designed to address Ukraine\u2019s macroeconomic imbalances and structural weaknesses. In terms of key reforms, the authorities have committed to:<\/p>\n

\u2022 Maintain a flexible exchange rate to restore competitiveness and foster accumulation of reserves, and focus monetary policy on domestic price stability. Going forward, support competitiveness by keeping public and minimum wage increases in line with productivity growth.
\n\u2022 Maintain confidence in the financial system and strengthen the infrastructure for financial regulation and supervision. Ensure that banks strengthen their balance sheets as necessary.
\n\u2022 Meet near-term fiscal obligations and gradually reduce the fiscal deficit. Stabilize budget revenue and embark on a medium-term fiscal adjustment path that distributes the burden of adjustment equitably.
\n\u2022 Achieve a self-sustained energy sector and reduce its fiscal drain by eliminating Naftogaz\u2019s deficit by 2018 as a key benchmark toward the goal of energy independence.
\n\u2022 Implement comprehensive structural reforms, including in the areas of public procurement and tax administration, to help reduce corruption, improve the business climate, and on this basis, achieve high and sustainable growth.<\/p>\n

IMF\u2019s assistance to Ukraine envisages not only financial support, Mr Vacher said, but a number of technical assistance missions that will come within the next two months to Ukraine to help in reforms. The program\u2019s performance is expected to be first reviewed in July.<\/p>\n

Mr J\u00e9r\u00f4me Vacher, a French national, has been a Fund economist since 2002. Mr J\u00e9r\u00f4me Vacher\u2019s previous country experience in the European Department includes assignments on Lithuania (2009-10) and Belarus (2003-04) and Spain (2010-2013). He has also worked in the Monetary and Capital Markets Department for 5 years, covering financial sector issues, notably in South Africa and the UAE.<\/p>\n

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\n\t\n\t\t\"\"\t\t\n\t\t\tView Gallery<\/span>\n\t\t\t\n\t\t\t\t5 images\t\t\t<\/span>\n\t\t<\/span>\n\t<\/a>\n<\/figure>\n\n","protected":false},"excerpt":{"rendered":"

Kyiv, 7 May 2014 \u2013 IMF Executive Board approved $17.01 billion loan on April 30, 2014 to support Ukraine\u2019s economic reform program. Jerome Vacher, IMF Resident Representative in Ukraine, talked during the press briefing at the Ukrainian Crisis Media Center about IMF\u2019s support program and key reforms to be done in Ukraine. Mr.Vacher mentioned that […] More<\/a><\/p>\n","protected":false},"author":20,"featured_media":11667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[705],"tags":[803],"section":[648],"form":[],"yoast_head":"\nIMF is satisfied by cooperation with Ukrainian government and will continue to provide support | UACRISIS.ORG<\/title>\n<meta name=\"description\" content=\"Kyiv, 7 May 2014 \u2013 IMF Executive Board approved $17.01 billion loan on April 30, 2014 to support Ukraine\u2019s economic reform program. 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