The current Stand-By Arrangement with the International Monetary Fund (IMF) foresees the adoption of some bills, and the Finance Ministry hopes that the Verkhovna Rada would continue working, Finance Minister Oksana Markarova has told Interfax-Ukraine.
“This arrangement [with the IMF] is primarily not aimed at legislation. We understood (the situation) and focused on what we can do as the Cabinet of Ministers, the National Bank, and other institutions. However, there are a number of bills that are very important, that must be approved,” the minister said.
Among them, she called bills on a joint transit regime, on economic authorized operators and on bringing financial monitoring in line with the requirements of EU Directive IV (on anti-money laundering). Markarova said that these bills are necessary not only for the IMF, but also to support the reform of the State Fiscal Service (SFS) and create better conditions for business.
The finance minister declined to answer the question, what could be the reaction of the IMF to the early parliamentary elections.
“I do not want to give a comment instead of the IMF. I hope that the Verkhovna Rada will work,” the minister said.
According to her, the relevant committee is very actively working with the ministry on these documents.
Following the visit of the spring meeting of the IMF and the World Bank last week in the United States, Markarova said that Ukraine “is doing quite well in implementing the SBA.” She recalled that its revision is scheduled for May-June. “We have very clearly laid down what we are to implement, including a number of bills. We are working to ensure that they are adopted,” she said.
Asked about the reaction of investors to the possible postponement of the second tranche under the SBA to a later date, Markarova said that investors are not so much interested in the tranche as in Ukraine’s presence in the arrangement.
“Investors want to know that we are in the arrangement with the IMF, that we are working on its implementation, that our reserves are in good condition,” the minister said.
She told journalists that the current year’s external financing in the budget is about $4 billion, of which the Finance Ministry expects to attract the bulk under cooperation programs with international financial institutions and through bilateral funding, in particular, negotiations with the World Bank on new guarantees and a series of bilateral talks on this topic are already underway.
“With residual volume, we will enter the market. When will it be? – We are monitoring the market. When there is a window for exit, we will enter,” Markarkova said.
