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IMF’s Ukraine Mission Completed

IMF’s Ukraine Mission Completed

The IMF’s Ukraine mission, which worked in Vienna from 17 to 20 October 2022, has ended.

During these four days, representatives of the NBU and the Ministry of Finance of Ukraine held a number of meetings with IMF experts. The detailed discussion focused on the current standing of Ukraine’s economy, macroeconomic forecasts, parameters of the state budget for 2023, and sources for financing the budget deficit.

The IMF experts commended the policy pursued by the NBU to maintain monetary and financial stability and the proper operation of the Ukrainian banking system under extremely difficult conditions. They expressed their support and willingness to continue to provide expert advice in various areas of the central bank’s activities.

The parties also discussed the policy issues that may be included in a new Monitoring Program, with the participation of the IMF Executive Board. The Monitoring Program will lay the groundwork for the NBU’s and the Ukrainian government’s action plan to support macroeconomic and financial stability, and that will identify external financing needs.

The Ukrainian delegation made a strong case that Ukraine will be able to meet the necessary structural benchmarks and quantitative performance indicators of the potential Monitoring Program even as the war grinds on.

Continued cooperation with international partners remains an important factor in maintaining the Ukrainian economy during the full-scale war and post-war recovery.

The next round of negotiations with IMF experts is expected to take place in November.

"We are committed to hold expedited negotiations so that the approval of the Monitoring Program, with the participation of the IMF Executive Board, can come as soon as December. This will enable us to lay a solid foundation for our macroeconomic policy and to make significant steps, at the beginning of next year, toward a new large-scale Program with the IMF. It will also enhance Ukraine’s capability to raise funds from other donors," NBU Governor Andriy Pyshnyy emphasized.

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