Draft of the IMF Memorandum

UKRAINE - In Brief 17 Jan 2017 by Dmytro Boyarchuk
Yesterday media published a draft of the IMF memorandum (see attached). Someone from the Cabinet shared with journalists a version of the document. It’s not a final one and very likely the official document will be pretty much different. But still it’s of interest what is currently discussed with the Fund. According to epravda.com.ua the IMF requires quite a challenging list-to-do. Few interesting points below:1) Land reform: law about agri-land circulation should be approved by the end of March 2017;Comment: land reform is under discussion, Prime-minister Groysman publicly commits to push forward with this essential reform;2) Auditing of Privatbank (to be started in January 2017);Comment: this task is feasible;3) Unified register of social benefits recipients (to be completed by the end of June 2017);Comment: this task is quite challenging; there’ve been already several efforts to create such a register but state institutions poorly exchange information with each other; substantial political will is needed to complete this task; so far we have doubts on this benchmark;4) Monetization of utility subsidies (to be launched by the end of January 2017);Comment: this benchmark sounds more like a wishful thinking; monetization presumes that households will get subsidies in cash; such a reform should be thoroughly prepared but so far we do not observe any active work in this direction;5) Pension reform: another increase in retirement age (to be launched by the end of March 2017);Comment: this demand does not look politically feasible after all tough actions the government implemented over the last three years;6) Anti-corruption courts (to be created by the end of June 2017);C...

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