The IMF starts on-line mission to Ukraine

UKRAINE - In Brief 19 Dec 2020 by Dmytro Boyarchuk
The IMF mission will start first review under current Stand-By Arrangement on Dec 21st, according to Interfax News agency, citing words of the IMF representative in Ukraine Gösta Ljungman. The meetings will be online. They will start next week and will resume in January 2021. Finally, Ukrainian authorities received “the signal” they have been begging for so long. But after Eurobond placement for $670 million and after large-scale local bonds' issues “the signal” is not pressing anymore. As regards to the program review, we can hardly expect any fast completion of the review given multiple blunders Ukrainian authorities have delivered over the last half a year. As we already know the last UAH-denominated state bonds’ issue was at the expense of hryvna printing by near UAH 30 billion ($1.1 billion) – the move the NBU Governor rejected to do for so long. I’m curious to know what will be the IMF assessment for such decision. The authorities demonstrate readiness to restore functionality of anti-corruption vertical. However, it moves in a bumpy way. In particular, the resumed legislation on criminal liability included multiple loopholes. A lot of scandals about abuse of COVID-19 Fund money, which is subject for auditors’ review. The only achievement the authorities report is spending plan 2021 which was allegedly approved by the IMF. However, the approved budget 2021 has multiple dubious points and I would prefer to have a confirmation from the IMF it is indeed ok for them. All in all, I do not think this news about planned on-line chats with Ukrainian government should be seen as a signal of potential successful completion of the review. Ukraine has little to report on ref...

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