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Ukraine and the International Monetary Fund (IMF), the country's key creditor, are not discussing a new cooperation program to replace a four-year Extended Fund Facility (EFF) program being currently in place, Ukrainian Finance Minister Natalie Jaresko said during the 12th Annual Ukraine Investor Conference in Kyiv.
No discussions regarding the new program are taking place in view of the situation that occurred in the country last year with enormous changes in economic and financial system of the country, the minister said.
The minister stressed that the government has undertaken and continues taking necessary steps to comply with requirements of the program. She added the work is currently focused on finalizing a Memorandum [on the second program review]. As the situation in the country was changing, certain amendments had to be made to the Memorandum. Moreover, there are certain requirements that have to be fulfilled before submitting the Memorandum for consideration of the IMF Executive Directors, according to the minister.
In this regard, the delay in finalization of the Memorandum raises some concerns, but does not herald the crisis, the minister noted.