New IMF program to be approved on June 9

UKRAINE - In Brief 04 Jun 2020 by Dmytro Boyarchuk
The IMF Board is expected to approve new program for Ukraine on June 9th, according to the IMF Board Schedule. Despite the IMF announced about staff-level agreement on May 21st it took two weeks to submit Ukraine’s file to the Board. Discussions over the conditionality of the new program – that was the main stumbling block standing behind the delay. Media wrote that new requirements of the IMF will include market level gas prices and heating tariffs, judicial reform, second tire of pension reform, further medical reform, independence of the National bank and strengthening of state banks’ governance, more active privatization and strengthening of Antimonopoly committee, further steps on land reform and further anti-corruption measures. The list of requirements that media announced is quite comprehensive and so far it tells us nothing about prior actions needed to be delivered for next wire. Given the last comment of Gerry Rice, Director of the Communications Department at the IMF, about temporary shift of focus from structural reform, we do not expect tough conditionality for successful completion of next review. Even gas prices should not be a problem amid subdued hydrocarbon prices globally.

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