Ukraine's Cabinet creates ad hoc group to coordinate talks with IMF

Ukraine's Cabinet of Ministers has created an interdepartmental ad hoc group to coordinate the negotiation process with the International Monetary Fund (IMF), the country's key lender.

Read alsoZelensky's advisor explains delay with IMF trancheThe ad hoc group is the Cabinet's temporary consultative and advisory body, which was formed to fulfill the Ukrainian side's obligations under the Stand-By Arrangement, the Finance Ministry's press service said in a statement on October 21.

Government Commissioner for Public Debt Management Yuriy Butsa will chair the group, the report said.

Other ad hoc group members

Deputy Finance Minister for European Integration Yuriy Draganchuk is Deputy Chairman of the group, which also includes adviser to the Finance Minister Yulia Pashko and Head of the Department of Cooperation with the IMF for the Management of International Cooperation Dmytro Mantsurov (the secretary of the ad hoc group).

"Ukraine is implementing structural benchmarks within the Stand-By Arrangement jointly with the IMF. In accordance with the schedule, a plan to reduce NPLs [non-performing loans] in state-owned banks was approved in June. The procedure for changing gas suppliers for household consumers was also simplified in June. In September, we adopted the required legislation for the operation of the STS [State Tax Service] and the State Customs Service as a single legal entity. The NEURC [National Energy and Utilities Regulatory Commission] decided to start setting tariffs for heating, while local governments have almost stopped fixing their tariffs," the press service quoted Draganchuk as saying.

Ukraine-IMF cooperation

• The IMF's Executive Board on June 9, 2020, approved an 18-month Stand-By Arrangement for Ukraine with funding equivalent to SDR 3.6 billion (about US$5 billion), aimed at helping Ukraine overcome the consequences of the COVID-19 pandemic.
• On June 12, Ukraine received the first disbursement of the IMF loan worth US$2.1 billion under the new 18-month cooperation program between Ukraine and the Fund.