IMF Staff Country Reports

Ukraine: Fourth Review of the Extended Arrangement under the Extended Fund Facility, Request for Modifications of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine

June 28, 2024

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Format: Chicago

International Monetary Fund. European Dept. "Ukraine: Fourth Review of the Extended Arrangement under the Extended Fund Facility, Request for Modifications of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine", IMF Staff Country Reports 2024, 199 (2024), accessed November 21, 2024, https://doi.org/10.5089/9798400282386.002

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Summary

This paper discusses Ukraine’s Fourth Review of the Extended Arrangement under the Extended Fund Facility (EFF), Request for Modification of a Performance Criterion, and Financing Assurances Review. Ukraine’s performance remains strong under the EFF despite challenging conditions. All quantitative performance criteria for end-March were met, and all structural benchmarks through end-June were implemented on time or with a short delay. The Ukrainian economy continues to be resilient although the outlook remains subject to exceptionally high uncertainty. Sustained reform momentum and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and enhance institutional reforms to lay the path to European Union accession. Timely and predictable external disbursements together with strong domestic resource mobilization and careful liquidity management are necessary for Ukraine to meet its financing needs. Fiscal policies for the remainder of 2024, together with preparation for the 2025 budget, should be underpinned by steadfast revenue mobilization efforts aligned with the National Revenue Strategy.

Subject: Budget planning and preparation, Central Banks, Expenditure, Financial sector policy and analysis, Financial sector stability, International reserves, Public debt, Public financial management (PFM)

Keywords: Budget planning and preparation, ESBU head, ESBU law, ESBU's role, Europe, Financial sector stability, Global, International reserves, Investigative power, Staff appraisal

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