IMF approves Programme Monitoring for Ukraine – NBU
It is designed for 4 months and does not provide financial assistance
What happened? The Board of Executive Directors of the International Monetary Fund approved the Programme Monitoring with Board Involvement for Ukraine.
Source. The press service of the National Bank of Ukraine.
Details. According to the report, the Programme Monitoring is based on macroeconomic framework parameters agreed with the IMF and is aimed at helping Ukraine maintain macroeconomic and financial stability.
The programme envisages a number of measures aimed at strengthening the mobilisation of state budget revenues, a pickup in the domestic debt market, strengthening the financial sector and improving management transparency and effectiveness in the sector of state-owned enterprises.
“The approval of the programme will provide our partners with confidence and optimal conditions to ensure sufficient rhythmicity of financial inflows amid high needs of the balance of payments and the state budget,” NBU Governor Andriy Pyshny said.
In addition, the NBU together with IMF experts will develop principles for assessing asset quality and conducting stress tests for banks. This is one of the structural benchmarks of the Programme Monitoring for Ukraine. The programme envisages a set of measures to contain monetary financing of the budget deficit next year.
The programme has a four-month implementation period and does not directly provide for financial assistance, but it is a prerequisite for the transition to a new long-term Upper-Credit Tranche programme of the IMF.
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