Contents tagged with IMF

  • IMF advised Ukrainian authorities to resist the 'temptation' to raise salaries

    Gosta Ljungman, International Monetary Fund (IMF) Resident Representative in Ukraine, warned authorities against a sharp increase in wages, as UNIAN reports.

    "There is a temptation to increase wages very quickly, but this will be bad for the growth of the economy ... We are for increasing wages of Ukrainians, but this should be accompanied by an increase in labor productivity," he said.

    Ljungman emphasized that the leaders of Ukraine should keep the growth of salaries under control and to …

  • Ukraine owes the IMF more than 12 billion dollars

    The total debt of Ukraine to the International Monetary Fund is $12.1 billion dollars, said the Deputy Head of the National Bank of Ukraine, Oleg Churiy at a briefing.

    Churiy said, "As of today, there are obligations of the National Bank of Ukraine (NBU) to the International Monetary Fund in the amount of $7.2 billion. There are also obligations of the Ministry of Finance in the amount of $4.9 billion. The total obligations to the IMF amount to $12.1 billion."

    He noted that for today, the …

  • National Bank of Ukraine concedes an early termination of the IMF funding

    The National Bank of Ukraine believes that if Ukraine doesn’t receive the next tranche from the International Monetary Fund by July, the cooperation program will probably end, as expressed during an interview with Dmitry Sologub, NBU deputy head, with Ukrainian news.

    Sologub added, "We are reevaluating, as much as possible, but technically, the first quarter does not look viable anymore. It's more realistic to receive a tranche in the second quarter. When we receive a tranche, in the first or …

  • IMF rejects Poroshenko’s draft bill on Anti-Corruption Court

    The International Monetary Fund believes that the bill to establish the Anti-Corruption Court (ACC), as submitted by President Petro Poroshenko, does not meet Ukraine’s obligation to the IMF, as stated in a letter from the head of the mission of the IMF in Ukraine, Ron van Roden, to the Presidential administration of Ukraine. The document, copies of which were sent to the Prime Minister, the Speaker of the parliament, and several ministers, was published by Yevropeyska Pravda.

    In the letter, …

  • Ukrainian President extended the moratorium on the sale of land

    Ukrainian President Petro Poroshenko signed amendments to the Land Code that will prolong the moratorium on the sale or alienation of agricultural land for another year, reported the President’s press service.

    "President Petro Poroshenko signed the Law on Amendments to Section X ‘Transitional Provisions’ of the Land Code of Ukraine, passed by the Verkhovna Rada on December 7, 2017. The document extends the validity of the moratorium on sale or alienation of agricultural land for one year," the …

  • IMF not satisfied with pension reform in Ukraine

    The International Monetary Fund (IMF) has been dissatisfied with the pension reform adopted by the Verkhovna Rada of Ukraine on October 3rd, Acting Chairperson of the National Bank of Ukraine Yakiv Smoliy said at a meeting with business representatives.

    Smoliy said the IMF had five main grievances with Ukraine.

    “Ukraine has certain responsibilities before the IMF that must be fulfilled. The pension reform was adopted but not in the proper way. A draft law on privatization so far has been …

  • 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 …