New program contingent on prior actions, the IMF spokesman says

UKRAINE - In Brief 13 Dec 2019 by Dmytro Boyarchuk

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Yesterday, on Dec 12 Gerry Rice, Director of the Communications Department of the IMF made an interesting comment on Ukraine at the traditional IMF Press Briefing. He mentioned about prior actions that should be delivered by Ukraine before the Executive Board might approve new program for the country. In particular, he said that “it [the date of the Executive Board meeting] will be contingent on the implementation of the prior actions and then there would be the program. Contingent on those being completed would be taken forward to the Board.” He also said that “you will see those prior actions mentioned there [at the statement of the Managing Director]”. If we have a look at the prior actions mentioned at the statement, we will see a list of large-scale reforms which could hardly be delivered just at a click of a finger: rule of law, integrity of the judiciary, reduced vested interests, cleaning up the banking system and recover of taxpayers’ money from bankrupt banks. While the statement about staff level agreement with the Fund by itself means that the deal is close. Most likely during the conference call President Zelenskiy commited to dot the ‘I’s’ on his relations with the oligarch Igor Kolomoyskiy and now the IMF wants to see real actions. Or simply the Fund anticipates approval of the law which prevents return of Privatbank to previous owners. The Cabinet submitted such a draft law to the parliament few days ago. December 19, the day the Court of Appeal will deliver decision on legitimacy of Privatbank nationalization - is also at the watch-list.