Ukraine: Second Review Under the Extended Fund Facility and Requests for Waivers of Non-Observance of Performance Criteria, Rephasing of Access and Financing Assurances Review — Press Release; Staff Report; and Statement by the Executive Director for Ukraine
IMF Staff Country Reports, October 3, 2016
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- Ukraine: Second Review Under the Extended Fund Facility and Requests for Waivers of Non-Observance of Performance Criteria, Rephasing of Access and Financing Assurances Review — Press Release; Staff Report; and Statement by the Executive Director for Ukraine
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Bibliographic details
- Published: October 3, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475543384.002
Overview
- Publication date: October 3, 2016.
- Purpose: Discusses Ukraine’s Second Review under the Extended Fund Facility and the authorities’ requests for waivers of nonobservance of performance criteria (PCs), rephasing of access, and a financing assurances review.
- IMF staff endorsement: The IMF staff supports completion of the second review and the authorities’ requests for waivers of the missed PCs, rephasing of access, and financing assurances review.
Economic developments and key indicators
- Macroeconomic stance:
- The economy of Ukraine has stabilized and is showing signs of a gradual recovery.
- Following a severe economic crisis, activity is picking up, inflation has receded quickly, and confidence is improving.
- International reserves have doubled to more than US$14 billion.
Program status and staff assessment
- Program achievements and remaining challenges:
- Stabilization achieved, but significant challenges remain; continued policy implementation is needed to achieve program objectives.
- IMF Staff Country Report supports the second review and related requests from the authorities.
Policy implications and recommendations
- Continued emphasis on:
- Sustained policy implementation to meet program objectives.
- Addressing structural challenges linked to banking, corruption, external debt, public debt, revenue administration, tariffs, and taxes (subjects identified in the report).
- Procedural actions:
- Approval of waivers of nonobservance of performance criteria as requested.
- Rephasing of access and completion of the financing assurances review as requested by the authorities.
IMF Staff Country Report — Ukraine: Second Review Under the Extended Fund Facility and Requests for Waivers of Non-Observance of Performance Criteria, Rephasing of Access and Financing Assurances Review (October 3, 2016).