Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

IMF, Ukraine reach economic policy monitoring arrangement

Economy Nov 23, 2022 15:11
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas

By David Lawder

WASHINGTON (Reuters) -The International Monetary Fund said on Wednesday it has reached a staff-level agreement with Ukraine for a policy program monitoring arrangement that aims to pave the way towards a new, full-fledged IMF loan program for Kyiv.

The IMF said the Program Monitoring with Board Involvement (PMB) arrangement, which is subject to executive board approval in the coming weeks, "will help provide an anchor for macroeconomic policies and catalyze donor support."

Ukraine earlier this year had requested a new IMF loan program of some $15 billion to $20 billion, but the Fund's debt sustainability requirements have so far prohibited a program of that size for the country as it battles Russia's invasion and suffers intense missile attacks on its energy infrastructure.

Instead, the IMF in early October approved $1.3 billion in emergency financing under a new facility to address food shortages and price spikes caused by the war in Ukraine.

At the same time, the Fund launched discussions with Kyiv over economic policies that could lay a foundation for a larger loan program that culminated in a virtual mission from Nov. 11-22.

The IMF said the resulting staff-level PMB agreement calls for Ukraine to implement policies and measures to boost tax revenues, revive the domestic bond market and contain monetary financing to limit inflation. The PMB also is expected to contribute to the long-term stability of the financial sector and enhance governance and transparency, the Fund added.

IMF, Ukraine reach economic policy monitoring arrangement
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email