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To change the Ukrainian legislation to meet the conditions of the International Monetary Fund, Ukraine’s President Volodymyr Zelensky held many meetings, said his economic adviser Oleg Ustenko.
The delay in lending to Ukraine by the International Monetary Fund (IMF) is related to logistics. Oleg Ustenko, advisor to Ukraine’s President Volodymyr Zelenskyy on economic issues, said this on February 28 on Ukraine 24 TV channel.
“As we understand in the Office of the President, problems have arisen not even of a technical nature, but logistical, which arose because you cannot simply take and change the Ukrainian legislation. To change it, say, in relation to the system, the President argued many meetings, he said with the experts, took a long time. And logistically, we could not bear the time we hoped we could endure, “he said.
Zelensky’s adviser stressed that “the program is underway.”
“As soon as the presidential initiatives are voted, we can say that for our part we have fulfilled what we promised to fulfill not only for the IMF, but also for Ukrainian society. We are not doing it for anyone,” Ustenko stressed. .
According to him, what is detailed in the cooperation program with the IMF is detailed in President Zelensky’s program, including the reform of the judicial system and the fight against corruption.
Ukraine cooperates with the IMF in a new reserve program. The Fund’s Executive Board approved it on June 9, 2020. It is supposed to allocate $ 5 billion in four tranches. On June 12, Ukraine received $ 2.1 billion from the first tranche. As Finance Minister Sergei Marchenko said, Kiev expected to receive two more tranches of $ 700 million by the end of the year, but this did not happen.
From December 21 to 23, 2020, the mission of the International Monetary Fund initiated the first review of the agreement with Ukraine in stand-by format. It resumed operations after the winter break on January 11, 2021. Commenting on the timing of the IMF’s next tranche allocation, Jerry Rice, director of the press office for the Fund’s mission in Ukraine, said that first It is necessary to study the policy of economic development and reforms in the country.
IMF Resident Representative in Ukraine Jost Lyngman announced on February 13 that the Foundation’s mission has completed its work., but no decision was made to revise the program. “The discussion was productive, but more progress is needed in favor of completing the first review of the program. Discussions will continue,” he said.
On February 25, Jerry Rice said that the IMF mission considers the discussions with Ukraine to be productive, but that some issues remain unresolved. Among those issues, he mentioned the strengthening of the Banco Nacional’s banking supervision, the budget deficit, fiscal risks, as well as the strengthening of the justice system. Rice said he knows nothing about the timing of future negotiations.
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