Ukraine: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
IMF Staff Country Reports, October 18, 2024
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- Ukraine: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, 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 18, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400290534.002
Summary and Key Findings
- This paper presents Ukraine’s Fifth Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review.
- Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions.
- The authorities met all end-June quantitative performance criteria and completed four structural benchmarks.
- Looking ahead, the recovery is expected to slow amid headwinds from the impact of the attacks on energy infrastructure and the continuing war, while risks to the outlook remain exceptionally high.
- Preparedness is necessary to enable appropriate policy action should risks materialize.
Economic Outlook and Risks
- Recovery trajectory:
- The recovery is expected to slow.
- Headwinds include the impact of the attacks on energy infrastructure and the continuing war.
- Risk assessment:
- Risks to the outlook remain exceptionally high.
- Continued exchange rate flexibility under the managed exchange rate regime will help strengthen the resilience of the economy to external shocks.
Policy Imperatives and Recommendations
- Fiscal and macro stabilization:
- Sustained reform momentum is necessary.
- Domestic revenue mobilization is necessary.
- Timely disbursement of external support is necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and enhance institutional reforms.
- Exchange rate policy:
- Continue exchange rate flexibility under the managed exchange rate regime to strengthen resilience to external shocks.
- Preparedness:
- Authorities should maintain preparedness to enable appropriate policy action should risks materialize.
Performance Under the EFF
- Quantitative and structural performance:
- All end-June quantitative performance criteria were met.
- Four structural benchmarks were completed.
Publication and Metadata
- Publication date: October 18, 2024
- Series: Country Report No. 2024/314
- Issue: 314
- Volume: 2024
- Pages: 168
- DOI: https://doi.org/10.5089/9798400290534.002
- Stock No: 1UKREA2024003
- ISBN: 9798400290534
- ISSN: 1934-7685
- Subject: Budget planning and preparation; Central banks; Debt sustainability; External debt; Financial institutions; International reserves; Public debt; Public financial management (PFM); Sovereign bonds
- Keywords: authorities' intention; baseline scenario financing gap; budget financing needs; Budget planning and preparation; C. financing Needs; Debt sustainability; downside Scenario financing gap; Europe; IMF staff estimate; International reserves; Sovereign bonds
International Monetary Fund. Ukraine: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine. October 18, 2024. Country Report No. 2024/314.
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