REUTERS
Further cooperation with the donor is necessary to ensure the country's macroeconomic stability.
Ukraine's Financial Stability Council, which includes chiefs of all financial regulators and the Finance Ministry, has emphasized the need for structural reforms to continue the cooperation program with the International Monetary Fund.
"The Council stressed that the implementation of structural reforms envisaged by the program of cooperation with the IMF is extremely important for macrofinancial stability and access to financing from the IMF and other international partners. This is especially important for maintaining the demand for Ukrainian sovereign bonds amid the global trend of investors' withdrawal from assets of emerging markets, and taking into account the need to make significant payments on external public debt within the next two years," the finance ministry's press service said in a statement on July 26, following the Council's meeting.
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As reported, the meeting was attended by Governor of the National Bank of Ukraine (NBU) Yakiv Smolii, Acting Finance Minister of Ukraine Oksana Markarova, Chairman of Ukraine's National Securities and Stock Market Commission (NSSMC) Timur Khromaev, Chairman of the National Commission on the Financial Services Market State Regulation Ihor Pashko, Managing Director of Ukraine's Deposit Guarantee Fund Kostiantyn Vorushylin and other representatives of the said institutions.
At the same time, considering the current macroeconomic situation as a whole, the Council noted the acceleration of the country's economic growth rates since the beginning of the year amid active private consumption and investment demand, as well as a stable situation in the foreign exchange market and a slowdown in inflation.
As UNIAN reported earlier, in order to continue cooperation with the IMF, Ukraine should review the state budget for its compliance with the deficit targets in the framework of the cooperation program and ensure a transition to a market mechanism for setting gas prices for households.
In March 2015, the IMF approved a four-year EFF loan program for Ukraine under which $17.5 billion will be disbursed. Under the program, Ukraine has received only four disbursements from the Fund to the tune of $8.7 billion due to the slow implementation of the agreed reforms. The program is expiring in March 2019. However, the National Bank of Ukraine and the Finance Ministry expect to receive $1.9 billion from the IMF in 2018.