IMF adds four benchmarks to the memorandum with Ukraine on tax, customs, GTSOU and the 5-7-9 loan programme

The IMF has supplemented the EFF programme with Ukraine with four structural benchmarks on the budget code, the 5-7-9 Affordable Loan programme, the GTS of Ukraine, and the state tax and customs services.

This goes in the revised memorandum.

Four new benchmarks are proposed to strengthen Ukraine's macroeconomic and financial stability in the near term and to sustain reform momentum. These include:

• measures for the tax and customs services;
• restoring articles of the Budget Code to support the preparation of the 2024 budget;
• preparing a concept paper with proposals to contain potential fiscal risks associated with the 5-7-9 Affordable Loan Programme;
• intensify corporate governance reform at the Gas Transmission System Operator (GTSOU) by selecting and appointing a supervisory board.

Background. As a reminder, the EFF programme has recently approved the immediate disbursement of a second tranche of approximately $890 million to support the budget.

The programme was approved on 31 March this year, and the first tranche of $2.7 billion was allocated in early April. The programme schedule provides for three tranches of $900 million each in mid-June and October this year, and at the end of February next year, following the first, second and third reviews, when the implementation of commitments is assessed.