International Monetary Fund changes permanent representative in Ukraine

The International Monetary Fund (IMF) has appointed Italian Priscilla Toffano as its permanent representative in Ukraine.

Source: International Monetary Fundʼs office in Ukraine

Quote from the press release: ‘Starting from 1 August this year, she [Priscilla Toffano] will replace Vahram Stepanyan, who is returning to the IMF headquarters after three years in this position.’

It is specified that Toffano has been working at the IMF since 2013.

Quote from the IMF: "The change of permanent representatives is an established practice at the IMF to ensure the rotation of its staff."  

Interfax-Ukraine outlet reports that, according to LinkedIn, Toffano worked at the IMF as an economist from September 2013 to May 2023, after which she was promoted to senior economist. She was also a PhD Intern at the European Central Bank and the Bank of England in 2011-2012 and a visiting scholar at the London School of Economics (LSE) in 2017-2019.

Background:

• Ukraine's debt to the IMF has increased by US$13.85 billion following the receipt of the fifth tranche of US$2.2 billion from the International Monetary Fund.
• The IMF has updated its baseline scenario for Ukraine for 2024 following the fourth review of the Extended Fund Facility (EFF) programme. Previously, the IMF forecasted GDP growth to be 3-4%, but now this figure has been reduced to 2.5-3.5%.

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