The Board of Directors of the International Monetary Fund positively appreciated the ongoing reforms in Ukraine as well as the price stability achieved in the country, the acting chair of the executive board of the IMF David Lipton said in his statement, following consultations with Ukraine, held in Washington, on June 29.
In particular, The executive board of the IMF noted the resumption of economic growth in Ukraine after the crisis of 2008-2009, the decline in inflation and budget deficit and praised the authorities' efforts to reform (adoption of new pension legislation, the Tax and Customs Codes in particular).
The Fund appreciated the progress been achieved in the banking sector and welcomes the plan to reduce the impact of foreign exchange risk on the banking system.
At the same time, the IMF stressed that Ukraine still has a number of areas of vulnerability, caused by the difficult external environment in particular.
The executive board noted the need for intensifying reforms to improve the medium-term growth prospects and encourage public authorities to continue reforms aimed at the departure from the crisis policies.
It is expected that the following consultations with Ukraine will be conducted under the standard annual cycle.
On the whole, the IMF officials welcomed the progress made in implementing the economic reforms to help improve the economy, the business environment and attract investments.
According to representatives of the IMF, the achievement of these goals will require comprehensive structural reforms, including strengthening the management and subsequent privatization.
The IMF supposes the resumption of crediting Ukraine in the framework of the stand by program this summer. However, the end of the year is considered to be the most likely period of crediting resumption.
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