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"Notwithstanding the large fiscal adjustment, public debt remains high. The urgency of structural fiscal reforms to ensure medium-term sustainability has increased, as pressures to raise wages and pensions are building," the press release reads, referring to First Deputy Managing Director and Acting Chair David Lipton.

Read alsoIMF approves 4th loan tranche for UkraineAccording to Mr Lipton, sustained efforts are also needed to improve revenue administration and advance public administration reform.

As UNIAN reported earlier, Ukraine’s key creditor, the International Monetary Fund, on April 3 completed its third review of the Extended Fund Facility and approved the fourth loan disbursement worth $1 billion.