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Friday, July 21, 2017

IMF announces staff-level agreement with Ukraine

The International Monetary Fund announced recently that it sent a mission to Kiev from in June to hold discussions on the first review under the stand-by Arrangement on Ukraine's economic reform program.

"The mission has reached understanding with the Ukrainian authorities on the policies necessary for the completion of the first review under the SBA," Nikolay Gueorguiev, the IMF mission chief for Ukraine, said, according to a press release. "In this regard, the authorities have committed to take a number of policy actions prior to the completion of the review. As is usual practice, the understandings reached with the authorities are subject to approval by the Executive Board. The completion of the review would enable the disbursement of about $1.4 million."

Gueorguiev said the policies, in general, have been implemented as planned, although there have been some delays and the ongoing conflict in Crimea is putting increased strain on the program, as well as key elements of the macroeconomic framework.

"Notwithstanding the authorities' continued commitment to the program and good record of implementation so far, the authorities have decided to take a number of compensatory measures to limit the negative impact of the conflict in the short run, and ensure that key program objectives are achieved over the period of the two-year program," Gueorguiev said.

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