The International Monetary Fund (IMF) mission has successfully completed its work in Kyiv, which enables Ukraine to obtain the second tranche of funding in the amount of about $1.4 billion, according to the website of the Ministry of Finance.
“In the result of joint work the government of Ukraine and the IMF
mission achieved understanding regarding the plan of further actions.
This result provides the successful completion of the first review of
the Stand-By Arrangement and enables Ukraine to get a second tranche of
an amount of about $1.4 billion,” reads a statement.
The Finance Ministry noted that the mission of the IMF European
Department for the first revision of the Stand-By Arrangement had
visited Kyiv from June 24 to July 17 this year.
Among the agreed measures there is a number of measures to achieve
the key objectives of the two-year program, including those to limit the
negative impact of the military conflict in the east of the country in
the short term.
“A package of measures in the field of budget revenues and
expenditures has been adopted, offsetting the impact of rising costs on
security measures through reducing other expenses. Tight controls over
expenditure will be performed,” reads the report.
In addition, according to the Ministry of Finance, the reform in the
energy sector will continue to strengthen payment discipline and
payments, and the transparency of Naftogaz’s activities will be improved
and its costs will be reduced.
