Contents tagged with IMF

  • IMF and World Bank approve pension reform plan in Ukraine

    A bill to reform Ukraine’s pension was approved by the IMF and the World Bank, as reported on the Ukrainian government’s website.

    The plan was developed by the Ministry of Social Policy of Ukraine in accordance with direction from Prime Minister Volodymyr Groysman. The Ukrainian government approved the bill in May.

    According to the bill, the retirement age will not be increased, but the minimum insurance period required for retirement will increase from 15 to 25 years. Also, special …

  • The IMF did not approve the pension reform of the Cabinet of Ministers of Ukraine

    The International Monetary Fund did not approve the pension reforms prepared by the Cabinet of Ministers, as reported by Ukrainski Novyny news outlet, citing a source in the government.

    It was reported that the Fund has categorically opposed the abolition of the taxation of pensions for working pensioners and did not support the idea of reindexing pensions on an ongoing basis. In addition, the IMF categorically opposed the Ukrainian government's plans to reduce the index used in estimating the …

  • IMF mission arrived in Ukraine

    The mission of the International Monetary Fund arrived in Ukraine and will work until May 25, reported a representative of the Ukrainian office of the IMF on May 16.

    Among the issues that the IMF mission intends to discuss are pension reform, changes in tax and customs policy, progress in VAT refund and budget implementation.

    The last time the IMF mission worked in Ukraine was in the first half of November 2016. On April 3, 2017. At that time Ukraine was given a tranche of $1 billion.

    On …

  • IMF supports the creation of anti-corruption courts in Ukraine

    The creation of anti-corruption courts in Ukraine is necessary, according to the IMF Resident Representative in Ukraine, Jerome Vacher, as he stated in an interview with LB.ua.

    "The critical element, anti-corruption courts, is absent. We support both the creation, as well as the initiation of their activities. Ukraine’s other international partners support them too," Vacher said.

    Presently, according to him, most of the anti-corruption cases fall apart in the courts. In addition, the IMF …

  • IMF: Pension reform in Ukraine is an important condition for the next loan

    The implementation of pension reforms in Ukraine is an important condition for the cooperation between Kyiv and the International Monetary Fund (IMF), the Director of the IMF's European Department, Poul Thomsen said, UNIAN reports.

    According to Thomsen, within the framework of pension reform, it is necessary to raise the retirement age, which will lead to a reduction in the deficit of the Pension Fund of Ukraine. According to the Director of the European Department of the IMF, Ukraine has the …

  • IMF tells Kyiv how to reform pension system. Ukrainian vice prime minister calls this statement 'unprofessional'

    In an article for the Economichna pravda (Economic Truth) online newspaper, Ron van Roden, head of the International Monetary Fund (IMF) mission to Ukraine, wrote that Ukraine’s pension system is in need of urgent reform, since it does not meet current challenges.

    He explained that if no changes are made to the state pension system soon, the pension fund will become even more unstable, and may not be able to provide a subsistence level pension (1544 hryvnia ($57.6 USD)) for the older …

  • The IMF allocated $285.3 million to Georgia for economic reforms

    The International Monetary Fund (IMF) provided Georgia with $285.3 million in a three-year program aimed at supporting economic reforms, as stated in the fund's report.

    “The EFF (Extended Fund Facility) supported program will help Georgia reduce economic vulnerabilities, pursue well-coordinated policies, and promote economic growth,” the IMF clarified.

    According to the report, the program includes “ambitious structural reforms” aimed at improving education, investing in infrastructure, making …

  • What the IMF demands from Ukraine in exchange for allocated tranche

    On April 3, the Board of Directors of the International Monetary Fund (IMF) approved the allocation of $1 billion credit to Ukraine. The four-year program of financial aid from the IMF allocates $17.5 billion to Ukraine. Kyiv has already received three tranches totaling $7.7 billion. The last tranche was received in September 2016. In 2017, Ukraine plans to receive about $5.4 billion from the IMF. And now the fourth tranche in the amount of $1 billion has begun to be transferred to the reserves …

  • London's High Court of Justice's decision on 'Yanukovych's debt' case will not affect cooperation between Ukraine and the IMF

    The IMF acknowledged the London's court decision on the case regarding Ukraine’s debt to Russia, but indicated it did not influence their current agreement with Ukraine, as was reported by Interfax-Ukraine.

    The Board of Directors of the International Monetary Fund (IMF) has stated that they are not influenced by the decision of the High Court of Justice in London in a lawsuit by the Russian Federation regarding the $3 billion worth of Eurobonds owed to them by Ukraine, as indicated in the Fund’ …

  • IMF calls on Ukraine to continue its attempts to reach an agreement with Russia on 'Yanukovych's loan'

    The International Monetary Fund (IMF) urged Ukraine to continue its attempts to reach an agreement with Russia on the so-called "Yanukovych loan", which refers to Eurobonds that were sold to Russia in late 2013 shortly before the flight of President Viktor Yanukovych from Ukraine.

    This was stated in a message sent out by the Fund after the completion of the third review of its program of cooperation with Ukraine.

    "Ukraine’s international partners have provided substantial financial and …