The International Monetary Fund says it has made good progress in talks with the Ukrainian authorities to accelerate economic growth and ensure stability in Ukraine.

"The IMF staff team that visited Kyiv made very good progress in discussions on legislation to support growth and ensure stability, and discussions will continue in the coming days," the IMF said on February 29, according to Reuters.

Read alsoNBU Deputy Governor Dmytro Solohub: Most of IMF requirements for a new program have been met. And work on prior actions that have not yet been completed is almost finished

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As UNIAN reported earlier, IMF experts began their work in Kyiv on February 20. The team's visit aimed to discuss with Ukrainian authorities the policies toward accelerating economic growth and maintaining stability.

Ukraine's authorities and the IMF staff in December 2019 reached an agreement on policies to underpin a new three-year US$5.5 billion EFF, while the Fund's Executive Board is yet to approve the program.

Governor of the National Bank of Ukraine (NBU) Yakiv Smolii said a decision on the new EFF might be approved in the first quarter of 2020.

Speaking about preconditions for concluding an agreement on the new program, the chief banker recalled the need to adopt laws preventing courts from returning insolvent banks to former owners and the launch of farmland trade.

In the framework of the 56th Munich Security Conference, President of Ukraine Volodymyr Zelensky had a meeting with Managing Director of the International Monetary Fund Kristalina Georgieva in mid-February.