EXECUTIVE SUMMARY Stand-By Arrangement. In the attached letter, the Ukrainian authorities describe their economic and financial policies for which they request a 24-month SDR 10.976 billion (800 percent of quota, about US$17.1 billion) Stand-By Arrangement involving exceptional access. An initial purchase of SDR 2.058 billion will become available on approval, with SDR 1.290 billion being allocated to budget support. The second and third purchases will be based on bi-monthly reviews and performance criteria, and the remainder will be subject to quarterly reviews. Policies. Key objectives of the authorities’ program are to restore macroeconomic stability, strengthen economic governance and transparency, and lay the foundation for robust and balanced economic growth. To achieve this, the government will implement immediate measures aimed at securing stability, combined with deeper reforms to achieve and sustain external sustainability, ensure financial stability, restore sound public finances, rationalize the energy sector, and improve the business environment. Successful and timely implementation of these policies will unlock sizable official financing already committed to Ukraine and catalyze private inflows. To underscore their commitment to program policies and objectives, the authorities have adopted a number of key measures as prior actions. Discussions. During March 4–26, 2014, staff met with Acting President Turchinov, Prime Minister Yatseniuk, Governor of the National Bank of Ukraine Kubiv, Minister of Finance Shlapak, Minister of Economy Sheremeta, Minister of Energy Prodan, Minister of Labor and Social Policies Denissova, other senior officials, ambassadors, and representatives of the trade unions, banking, and business community. The mission also met with presidential candidates, the Maidan Council, and other politicians. Political assurances. Staff met three leading presidential candidates and representatives of several key political parties and civil society organizations, who expressed their agreement with key program objectives and policies. Publication. The Ukrainian authorities authorized the Fund to publish the staff report and the LOI/MEFP.