Ukraine: Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement-Press Release and Staff Report

June 15, 2020

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Format: Chicago

Ukraine: Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement-Press Release and Staff Report, (USA: International Monetary Fund, 2020) accessed November 21, 2024

Summary

This paper focuses on Ukraine’s Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement. Sound fiscal and monetary policies since the 2014–2015 crisis have resulted in a sharp reduction in Ukraine’s external and internal imbalances. Public debt was put on a downward path, inflation has declined, and international reserves have recovered. The new Stand-By Arrangement will provide an anchor for the authorities’ efforts to address the impact of the crisis, while ensuring macroeconomic stability and safeguarding achievements to date. Together with support from the World Bank and the European Union, it will help address large financing needs. The program will focus on safeguarding medium-term fiscal sustainability, preserving central bank independence and the flexible exchange rate, and enhancing financial stability while recovering the costs from bank resolutions. The National Bank of Ukraine has skillfully managed monetary policy during a very challenging period. Central Bank independence should be preserved, and monetary and exchange rate policies should continue to provide a stable anchor in the context of the inflation-targeting regime, while allowing orderly exchange rate adjustment and preventing liquidity stress.

Subject: Banking, Corruption, Crime, Fiscal policy, Macrostructural analysis, Public debt, Revenue administration, Structural reforms, Tariffs, Taxes

Keywords: Budget support, Corruption, CR, Emergency financing request, Financing, Financing needs, Fiscal financing, Global, Government financing, ISCR, Policy, Policy priority, Sound fiscal policy, Structural reforms, Tariffs

Publication Details

Pages:

65
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/204
Stock No:

1UKREA2020002
ISBN:

9781513547831
ISSN:

1934-7685

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