REUTERS
The IMF Managing Director held a telephone conversation with Ukrainian President Volodymyr Zelensky on December 7.
Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva says Ukraine's economic success depends on the rule of law and the elimination of vested interests in the economy, while it is extremely important to preserve the results of cleaning up the banking system and recover the relevant costs to the taxpayers from bank resolutions.
"I had a very constructive call with President Volodymyr Zelensky today … The President and I agreed that Ukraine's economic success depends crucially on strengthening the rule of law, enhancing the integrity of the judiciary, and reducing the role of vested interests in the economy, and that it is paramount to safeguard the gains made in cleaning up the banking system and recover the large costs to the taxpayers from bank resolutions," she said in a statement on December 7.
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"During our conversation, I commended the President for the impressive progress that he and his government have made in the past few months in advancing reforms and continuing with sound economic policies. I assured the President of the IMF's readiness to support the authorities' policy agenda to maintain macro-economic stability and lift the economy to a path of higher, sustainable, and inclusive growth, including with a new IMF-supported program," she said in a statement on December 7.
According to the official, the IMF's staff has reached agreement with the authorities on the policies to underpin a new three-year, SDR 4 billion (about US$5.5 billion) arrangement under the Extended Fund Facility. The agreement is also subject to approval by the IMF's management and the Executive Board.
As UNIAN reported earlier, Ukraine and the IMF had agreed on a new three-year US$5.5 billion Extended Fund Facility for Ukraine. The IMF Board is yet to approve the deal.
Ukrainian Finance Minister Oksana Markarova said that the agreement with the IMF would let Ukraine get EUR 500 million in macro-financial assistance from the European Union on favorable terms in the coming months.