Contents tagged with IMF

  • Over the year Ukraine paid more to IMF than it received from it

    On December 1, Ukraine transferred its last due payment to the International Monetary Fund (IMF) in 2017 at $169 million, while overall it paid $1.268 billion this year, Ukrainski Novyny reports citing  the press service of the National Bank of Ukraine (NBU).

    According to the schedule of debt owed to the IMF, on December 1, Ukraine repaid 114.3 million Special Drawing Rights or SDRs that amount to $169 million. In total, in 2017 Ukraine paid 858.7 million SDRs worth $1.3 billion.

    Meanwhile, …

  • Ukrainian President: launch of land reform in the country postponed for another year

    President Petro Poroshenko stated at a meeting with business representatives on Friday, December 1 that the launch of the land market will be postponed for at least a year.

    "We have so far failed to break through the defense of populists, who vehemently oppose the free circulation of agricultural land but I wish to underline my fundamental political stance. I am in favor of the land market," said the President.

    Poroshenko explained that it is still necessary to do related work, such as …

  • IMF refuses loan to Belarus

    The International Monetary Fund (IMF) has advised Belarus to abolish the so-called "tax on parasitism".

    Based on the outcomes of the Fund's mission in Minsk, the IMF also proposed that the Belarusian authorities abolish the target for the monthly salary, which should be reached by the end of 2017. Instead, the IMF recommends for Belarus "to allow enterprises to adjust their salaries based on labor productivity."

    The head of the IMF mission, Peter Dolman, also reported on the suspension of …

  • IMF: Ukraine lost 2 percent of its GDP due to corruption

    In a speech at the 8th Annual Ukrainian Investment Forum on Friday, the Resident Representative of the International Monetary Fund (IMF) in Ukraine, Gösta Ljungman, said that Ukraine's losses due to corruption amount to 2% of GDP.

    "In Ukraine, there is no genuine fight against corruption. Corruption costs Ukraine 2% of its economic growth, so the fight against it is an issue of economic prosperity," Ljungman said.

    He stated that the next important step in this direction should be the creation …

  • IMF lists conditions for Ukraine to receive the next tranche

    The International Monetary Fund (IMF) is making the next tranche allocation to Ukraine contingent on adoption of a law on privatization, the creation of an anti-corruption court, and an increase in gas prices, Ukrainski Novyny reports citing the IMF representative in Ukraine, Goesta Ljungman.

    "The conditions for the fourth revision of the program are the adoption of a law on privatization that will ensure the transparent sale of state assets, as well as a requirement on pension reform, which …

  • Ukrainian Finance Minister says that progress has been made in negotiations with IMF on gas tariffs in Ukraine

    Finance Minister Oleksandr Danylyuk announced progress in negotiations with the International Monetary Fund on the price of gas. Ukraine has been attempting to postpone the increase of tariffs by changing the price formula, whereas the IMF demands that this issue be depoliticized.

    "We have not reached a final agreement yet, but we have progress, established certain principles. Negotiations continue," Interfax-Ukraine quoted Danylyuk as saying at a briefing in Washington where he met with the …

  • Ukrainian Finance Minister: Kyiv may receive next IMF tranche by end of year

    Ukrainian Finance Minister Oleksandr Danylyuk believes that Kyiv may receive the next IMF credit tranche by the end of this year, Radio Liberty reports.

    “We expect the tranche by the end of the year,” Danylyuk said on October 15 during a briefing in Washington at the conclusion of negotiations with the IMF leadership.

    According to him, this will depend on agreements regarding the price of gas for the public. During the negotiations, Danylyuk explains, certain progress was achieved in this …

  • Ukrainian Minister of Finance: Privatization and creation of anti-corruption court are IMF’s conditions for next tranche

    Ukraine has come close to implementing the recommendations of the International Monetary Fund (IMF) in order to receive the next tranche as part of the Extended Fund Facility (EFF), and so there is reason to expect that it will be allocated by the end of the year, said Ukrainian Finance Minister Oleksandr Danylyuk.

    “I consider it realistic that we will receive the tranche this year,” the head of the Finance Ministry said during a panel discussion at the Atlantic Council’s analytic center in …

  • Despite obligations to IMF, Ukraine decides not to increase gas tariffs

    The Ukrainian government has postponed the publication of import parity gas prices from October 1, 2017 until March 31, 2018, as reported by Ukrainian News, citing the Cabinet's resolution dated September 26th.

    "[It is decided] to agree with the Ministry of Energy and Coal Industry’s proposal on the postponing of the relevant information [publication of the price]," the document says.

    It was decided to postpone the price promulgation until the mechanism by which the process is determined is …

  • IMF calls on Ukraine to carry out pension reform

    The International Monetary Fund (IMF) said that the decisive condition for the revision of the cooperation program with Ukraine is the pension reform implementation. It was stated by IMF official representative William Murray during a briefing in Washington, Interfax-Ukraine reports.

    "We call on the authorities and parliament to ensure that the bill on increasing pensions reaches the reform goals that have been developed by the IMF and the World Bank. We are ready for further cooperation with …