IMF staff-level agreement reached: time to deliver budget cuts

UKRAINE - In Brief 12 Feb 2015 by Dmytro Boyarchuk
The IMF mission has reached a staff-level agreement with the Ukrainian government for a new economic reform program under an extended facility fund format. Within this program Ukraine is expected to receive $17.5 billion from the IMF and extra funds from other international donors. No doubt it is very positive news for Ukraine. Still this news does not mean that money will arrive promptly. None believes to Ukrainian authorities and there will be no advances this time. The IMF wants to see budget cuts prior to any further funding. And revision of the budget is quite a tricky task in our situation. Against this backdrop we can say that only after successful revision spending plan 2015 we can treat the IMF deal closed. We expect the revision of spending plan to start promptly and we hope it will pass smoothly without new social turmoil.

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