Ukraine: Statement at the Conclusion of an IMF Mission
IMF News, October 21, 2022
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- Ukraine: Statement at the Conclusion of an IMF Mission
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Bibliographic details
- Published: October 21, 2022
Mission and meetings
- Press Release No. 22/359; October 21, 2022.
- IMF Mission Chief for Ukraine: Gavin Gray.
- Mission dates: October 17–20.
- Location of meetings: Vienna, Austria.
- Meetings were held with:
- Finance Minister, Serhii Marchenko.
- Governor of the National Bank of Ukraine, Andriy Pyshnyy.
- Media contact: PRESS OFFICER: Meera Louis; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.
Economic and humanitarian impact (findings)
- The Russian invasion of Ukraine that started over seven months ago has caused tremendous human suffering and had a severe economic impact.
- Key impacts identified:
- Real gross domestic product (GDP) has contracted significantly.
- Inflation has risen sharply.
- Trade has been substantially disrupted.
- The fiscal deficit has risen to unprecedented levels.
Focus of discussions
- Discussions focused on:
- Recent macro-financial developments and outlook.
- The budget for 2023 and associated external financing needs.
- Financial sector issues.
- The mix of policies to support macroeconomic stability.
Assessment of authorities’ performance and policy recommendations
- Assessment:
- "The Ukrainian authorities deserve considerable credit for having maintained an important degree of macro-financial stability in these extremely difficult circumstances."
- Recommendations and encouragements to the authorities:
- "The authorities are encouraged to refrain from measures that erode tax revenues, as they strive to align expenditure with available financing."
Follow-up: Program Monitoring with Board Involvement (PMB)
- Planned next steps:
- Staff and the authorities will advance work in the coming weeks to follow up on the authorities’ request for Program Monitoring with Board Involvement (PMB).
- Purpose and expected outcomes of the PMB:
- The PMB will lay out the authorities’ policy intentions to support macroeconomic and financial stability.
- The PMB will present an assessment of external financing needs for 2023.
- The PMB will provide a strong anchor for macroeconomic policies.
- The PMB will further catalyze donor support.
- The PMB will help pave the way toward a fully-fledged Fund program.
International Monetary Fund — Statement issued October 21, 2022.