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NBU’s independence, corruption, and judicial reform: the IMF to start working in Ukraine in late September

The mission of the International Monetary Fund in Ukraine will start working in late September. The major themes to discuss will be the independence of the National Bank, judicial reform, the fight against corruption, and ensuring a sustainable fiscal position, Gerry Rice, Director of the IMF Communications Department, reported.

According to Rice, addressing these issues is needed to complete the current program.

"It is planned to conduct a virtual survey mission in Ukraine At the end of this month. Specific dates will be announced, as usual, closer to the start of the mission," Rice noted.

Rice also commented on the statement of Prime Minister Denys Shmyhal that Ukraine had fulfilled all the terms and conditions and saw no obstacles to receiving the tranche. Rice noted that discussions between the IMF and Ukraine were ongoing, but he has "no schedule of payments or continuation" of the program.

Context. In June 2020, the IMF approved a Stand-by program for Kyiv. Its total volume amounted to about $5 billion, the first tranche was about $2.1 billion. However, the mission subsequently suspended funding due to Ukraine's failure to fulfill a number of obligations.

In particular, the head of the National Bank of Ukraine, Kyrylo Shevchenko, said that the amount of the second Stand-by tranche could be higher than the planned $700 million due to the consolidation of the tranche. This issue will be negotiated during the discussion with the mission.

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