Ukraine: Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement-Press Release and Staff Report
IMF Staff Country Reports, June 15, 2020
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- Ukraine: Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement-Press Release and Staff Report
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Bibliographic details
- Published: June 15, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513547831.002
Summary findings
- 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.
- International reserves have recovered.
- The National Bank of Ukraine has skillfully managed monetary policy during a very challenging period.
Program objectives and role of new arrangement
- 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.
- Together with support from the World Bank and the European Union, it will help address large financing needs.
- 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.
Policy recommendations and institutional priorities
- Central Bank independence should be preserved.
- Monetary and exchange rate policies should continue to provide a stable anchor in the context of the inflation-targeting regime, while allowing orderly exchange rate adjustment and preventing liquidity stress.
- Recovering the costs from bank resolutions is a priority for enhancing financial stability.
- Fiscal policy should remain sound to sustain the downward path of public debt and continued macroeconomic stabilization.
Subject coverage and keywords
- Subjects: Banking, Corruption, Crime, Fiscal policy, Macrostructural analysis, Public debt, Revenue administration, Structural reforms, Tariffs, Taxes
- Keywords: budget support, Corruption, CR, emergency financing request, financing, financing needs, fiscal financing, Global, government financing, ISCR, policy, policy priority, sound fiscal policy, Structural reforms, Tariffs
Content in this bundle
- 1ukrea2020002 — Executive Summary