Ukraine: Request for Stand-by Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
IMF Staff Country Reports, June 11, 2020
Source details
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- Ukraine: Request for Stand-by Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
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Bibliographic details
- Authors: Arrangement. The
- Published: June 11, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513547015.002
Summary / Context
- This paper presents Ukraine’s Request for Stand-By Arrangement.
- The 2020 budget is expected to be hit hard, with a sharp decline in revenues and large emergency spending needs to address the crisis.
- This has created large balance of payments and fiscal financing needs.
- Sound fiscal and monetary policies since the 2014–2015 crisis have resulted in a sharp reduction in Ukraine’s external and internal imbalances.
- Public debt was put on a downward path, inflation has declined, and international reserves have recovered.
Program objectives and focus
- The new Stand-By Arrangement will provide an anchor for the authorities’ efforts to address the impact of the crisis, while ensuring macroeconomic stability and safeguarding achievements to date.
- The program will focus on:
- safeguarding medium-term fiscal sustainability,
- preserving central bank independence and the flexible exchange rate,
- enhancing financial stability while recovering the costs from bank resolutions.
Financing and external support
- Together with support from the World Bank and the European Union, the Stand-By Arrangement will help address large financing needs.
Policy recommendations and reform priorities
- Concerted reform efforts aimed at tackling corruption and strengthening governance will be critical to ensure macroeconomic stability and achieve sustainable and inclusive growth.
Subjects and keywords (as listed)
- Subject: Banking, COVID-19, Exchange rates, External debt, Fiscal policy, Foreign exchange, Health, Public debt, Revenue administration
- Keywords: authorities fiscal, budget support, COVID-19, CR, Exchange rates, financing, fiscal policy, Global, government, government financing, government policies response, ISCR, policy, policy priority
Content in this bundle
- 1ukrea2020001 — Executive Summary