Ukraine: Third Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
IMF Staff Country Reports, March 22, 2024
Source details
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- Ukraine: Third Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
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Bibliographic details
- Published: March 22, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400270291.002
Overview and context
- This paper presents Ukraine’s Third Review of the Extended Arrangement under the Extended Fund Facility (EFF), Requests for a Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criteria.
- The EFF continues to provide a strong anchor for the authorities’ economic program, which has remained on track despite extremely challenging circumstances due to Russia’s ongoing war in Ukraine.
- The authorities met all structural benchmarks through end-February, underscoring their continuing commitment to an ambitious reform agenda.
- Publication date: March 22, 2024.
- Pages: 154.
- Series: Country Report No. 2024/078.
- Issue: 078.
- Volume: 2024.
- DOI: https://doi.org/10.5089/9798400270291.002.
- ISBN: 9798400270291.
- ISSN: 1934-7685.
- Stock No: 1UKREA2024001.
Performance criteria, waiver, and adjustments
- The Board approved the authorities’ request for a waiver for nonobservance of the December performance criterion on tax revenues, which was missed by a minor amount.
- The review includes requests for modifications of performance criteria tied to the EFF arrangement.
Fiscal pressures, financing needs, and sustainability
- The ongoing war continues to strain Ukraine’s public finances.
- External disbursements on appropriate concessional terms, together with strong domestic resource mobilization, are necessary for Ukraine to meet its financing needs and secure fiscal and debt sustainability.
- Stronger revenue mobilization, underpinned by the recently approved National Revenue Strategy, while avoiding measures that erode the tax base, will be critical to secure fiscal sustainability.
Key themes and subject coverage
- Budget planning and preparation
- Central banks
- Fiscal risks
- International organization
- International reserves
- Monetary policy
- Public debt
- Public financial management (PFM)
- Revenue administration
Keywords and programmatic elements highlighted
- baseline financing gap
- budget financing needs
- Budget planning and preparation
- budget support grant
- Fiscal risks
- FX cash market stability support
- General government finance
- Global
- inflation moderate
- International reserves
- SOE state ownership Policy
- support program
IMF Staff Country Reports, Country Report No. 2024/078.
Content in this bundle
- 1ukrea2024001