John Lipsky, First Deputy Managing Director and Acting Chair, said: "Ukraine's satisfactory performance under the economic program supported by the Stand-By Arrangement, along with strong policy commitments for the coming year, are supporting a steady recovery in confidence and broadening of economic activity. The authorities remain committed to timely implementation of fiscal, energy, and financial sector reforms that are essential to achieve program objectives. Sustained implementation of reforms will help entrench macroeconomic stability, boost confidence, facilitate access to capital markets, and promote more balanced and robust growth".
In his words, recent steps to strengthen the financial position of Naftogaz, including through revenue collection improvements, are also important. Further efforts, including gas price increases and structural reforms, are needed to create a more viable and transparent energy sector.
Lipsky also emphasized that important progress has been made in rehabilitating and restoring confidence in the financial system, including private bank recapitalization and steps toward strengthening the supervisory framework. It is now timely to expedite the implementation of measures necessary to tackle the problem of sizeable impaired assets in the banking system that are hindering financial sector's support for a sustainable economic recovery.
An IMF mission was working in Ukraine in November 2010 to conduct the first review of Ukraine's economic performance under the program supported by a Stand-By Arrangement.
The IMF Executive Board on July 28, 2010 approved a 29-month SDR 10 billion (about USD 15.15 billion) Stand-By Arrangement (SBA) for Ukraine in support of the authorities' economic adjustment and reform program. An initial disbursement equivalent to SDR 1.25 billion (USD 1.89 billion) was available immediately, with subsequent disbursements subject to quarterly reviews. The SBA entails exceptional access to IMF resources, amounting to 728.9 percent of Ukraine's quota in the Fund.
Ukraine joined the IMF as a member on September 3, 1992. Its quota is SDR 1,372 million (about USD 2,078.4 million).
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