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Decisions on the next disbursements are expected to be made in May and November 2019.
The International Monetary Fund has officially published the Memorandum on Economic and Financial Policies under a new 14-month Stand-By Arrangement (SBA) for Ukraine in the amount of $3.9 billion, approved by the IMF Executive Board on December 18.
The structural benchmarks of the program include the approval of the so-called split law, a report on the return of assets of state-owned banks, the reorganization of the State Fiscal Service (SFS), the appointment of judges of the High Anti-Corruption Court, bank recapitalization, the completion of an external audit of the National Anti-Corruption Bureau.
In particular, the program provides for the approval by the Verkhovna Rada of a draft "split' law on the liquidation of the National Commission for State Regulation of Financial Services Markets and the distribution of its functions between the National Bank and the National Commission on Securities and Stock Market (2413a) by the end of March 2019.
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The publication of the first report on the return of assets and corresponding lawsuits regarding four state banks is also expected by the end of March 2019.
The reorganization of the SFS into the tax and customs services is expected by the end of April 2019. Also, at least thirty-five judges of the High Anti-Corruption Court will be appointed by the end of April.
By the end of June, the National Bank should take appropriate supervisory measures in respect of banks that do not meet capital requirements.
The external audit of the High Anti-Corruption Bureau of Ukraine is expected to be completed by the end of July.
As UNIAN reported, the IMF Executive Board approved a new 14-month $3.9 billion SBA for Ukraine. Ukraine received the first $1.4 billion disbursement under the new program on December 21, 2018. Decisions on the next disbursements are expected to be made in May and November 2019 after the review of how Ukraine meets the terms of the Memorandum with the IMF.