IMF releases updated agreement with Ukraine: most funding conditions are met
On the night of 28-29 June, the International Monetary Fund published a new review of the agreement with Ukraine, the fulfilment of which additional funding for Ukraine will be contingent upon.
Source: IMF report
Details: In general, Ukraine has already completed 23 of the 37 main requirements, including reforms and changes in legislation.
According to Yaroslav Zhelezniak, Deputy Chairman of the Verkhovna Rada's Financial Committee, the new revision highlighted three main points:
- Concept note on the "5-7-9" programme was completed;
- Review of the cases in the High Anti-Corruption Court of Ukraine was done with a delay;
- Analysis of the debt and assessment of the financial status of heating and utility companies – postponed until the end of October.
The closest milestone is the reboot of Ukraine's Bureau of Economic Security (BES), which was due by the end of June. On the evening of 28 June, President Volodymyr Zelenskyy approved legislation to restart the BES, so the deadline was adhered to.
Thus, Ukraine continues to meet 15 requirements, including:
- Develop a mechanism for measuring the efficiency of tax advantages, including their cost to the budget, by the end of September.
- Identify large state-owned firms significantly impacted by the war and prepare an evaluation of probable costs by the end of September.
- With the technical aid of the IMF, undertake a diagnostic analysis of pre-war policy and practice of medium-term budget planning compared to best practices by the end of October;
- Adopt revisions to the Customs Code by the end of October.
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