Jaresko: The IMF Has Accepted Ukraine's Budget For 2016
Wednesday, January 27, 2016 2:40:31 PM
The Minister of Finance of Ukraine, Natalie Jaresko, stated that the International Monetary Fund (IMF) has no comments on the adopted Law on the State Budget for 2016. "As for the budget there are no comments on our obligations to the IMF. In principle, it was accepted as a whole," she said.
At the end of last week during the World Economic Forum in Davos the Ukrainian delegation met with the Managing Director of the IMF, Christine Lagarde. As reported by the Ministry of Finance, the main topics of the meeting were the final text of the updated Memorandum of the Cooperation between Ukraine and the IMF, adopting the budget for 2016, and reducing the overall level of Ukraine's public expenditures from 53% of GDP in 2015 to a projected 44% of GDP in 2016. The IMF did not report the results of this meeting.
In December the Verkhovna Rada of Ukraine approved the State Budget for 2016. The adoption of the budget is an important prerequisite to obtain the next installlment under the extended financing program from the IMF in the amount of $1.7 billion, as part of the four-year cooperation program with a total volume of $17.5 billion.