REUTERS
Ukrainian Finance Minister Oleksandr Danyliuk says that the cooperation with the International Monetary Fund and the World Bank is necessary for Ukraine to demonstrate confidence to foreign investors and partners that the country is moving in the right direction and that the reforms will be continued.
"It's us, not the international financial institutions, who need the reforms we are implementing in the framework of cooperation with the IMF and World Bank. The Ukrainian society requires these changes from us. It is the future of our country that requires land and pension reforms, the privatization of state-owned enterprises, fiscal discipline, and the reform of the State Fiscal Service," he wrote on Facebook.
Danyliuk also stressed that working with the IMF and the World Bank means experience and innovative solutions. "We are interested in choosing the best practices for ourselves from the entire world's experience. The assistance from the IMF and the World Bank is very valuable in this regard," he added.
The Minister noted that thanks to the reforms implemented within the framework of cooperation with the Fund, the economy of Ukraine will continue to recover, and as a shareholder of the IMF and World Bank, Ukraine will help other countries in the near future. "I'm sure our experience will be valuable and useful. And most importantly, it will be successful," Danyliuk said.
Read alsoTime to pay dues: Ukraine transfers $450 mln to IMFAs UNIAN reported earlier, the IMF in March 2015 approved a four-year Extended Fund Facility for Ukraine worth $17.5 billion.
As part of the program, the country has already received four loan tranches from the Fund totaling $8.7 billion.
Following the third revision of the EFF, the International Monetary Fund called on the Ukrainian authorities to accelerate structural reforms, starting with privatization and farmland market development, in order to achieve faster and more sustainable growth, and noted the lack of concrete results in the fight against corruption.
Read alsoIMF mission to arrive in Kyiv Sept 12 – sourceIn addition, according to the IMF, Ukraine cannot further postpone the implementation of large-scale pension reform, including raising the effective retirement age.
Ukraine expects to receive in the current year two more tranches from the IMF totaling $3 billion.