{
  "title": "Press Release: IMF Statement on Discussions with Ukraine on First Review under the Extended Fund Facility Arrangement",
  "publication": "IMF News, May 31, 2015",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr15243",
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  "summary": "Press Release No. 15/243; May 31, 2015.",
  "publishDate": "2015-05-31",
  "sections": [
    {
      "heading": "Mission context and procedural notes",
      "content": "- Press Release No. 15/243; May 31, 2015.\n- An IMF mission visited Kyiv during May 12-29 to hold discussions on the first review under the Extended Fund Facility Arrangement (EFF).\n- Mission chief: Mr. Nikolay Gueorguiev.\n- End-of-Mission press release reflects preliminary findings of IMF staff and does not necessarily represent the views of the IMF's Executive Board."
    },
    {
      "heading": "Macroeconomic assessment and projections",
      "content": "- Growth projection for 2015 revised down to -9 percent.\n- Projected end-year inflation for 2015: 46 percent.\n- Growth in Q1 2015 was hurt by the unresolved conflict in the East, which took a heavier than expected toll on the economy in the first quarter of 2015.\n- Inflation drivers: one-off pass-through effects of the large exchange rate depreciation in February and the needed energy price increases."
    },
    {
      "heading": "Recent stability indicators and fiscal/banking developments",
      "content": "- Foreign exchange market: broadly stable in recent months.\n- Gross international reserves increased to US$9.6 billion at end-April.\n- Banks’ deposits in domestic currency have been recovering.\n- Budget outturn in the first months of 2015 was stronger than expected, partly due to temporary factors.\n- All performance criteria for end-March were met.\n- All structural benchmarks due in the Spring are on course to be met, albeit some with a delay."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Decisive implementation of economic reforms is indispensable to entrench financial stability and restore robust and sustainable growth.\n- Authorities’ commitments and policy directions:\n  - Advance fiscal consolidation.\n  - Advance energy sector reforms, including further energy tariff adjustments to:\n    - eliminate the large losses of Naftogaz,\n    - reduce energy consumption,\n    - foster energy independence.\n  - Continue rehabilitation of the banking system.\n  - Improve the business environment to enhance the productive potential of the economy.\n  - Complete the ongoing debt operation in line with program objectives to ensure:\n    - public debt is sustainable with high probability,\n    - the program remains fully financed (requirements for completion of the review)."
    },
    {
      "heading": "Financing and external support",
      "content": "- Continued financial support for Ukraine’s reform efforts from official and private creditors is described as vital for the success of the program.\n\nInternational Monetary Fund. Press Release No. 15/243, May 31, 2015.\n\n---\n\n\n References\n\n- Ukraine and the IMF\n- Press Releases\n- PRESS CENTER\n- Press Release No. 15/107\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr15243"
    }
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    "Published: May 31, 2015",
    "Press Release No. 15/243; May 31, 2015.",
    "An IMF mission visited Kyiv during May 12-29 to hold discussions on the first review under the Extended Fund Facility Arrangement (EFF).",
    "Mission chief: Mr. Nikolay Gueorguiev.",
    "End-of-Mission press release reflects preliminary findings of IMF staff and does not necessarily represent the views of the IMF's Executive Board.",
    "Growth projection for 2015 revised down to -9 percent.",
    "Projected end-year inflation for 2015: 46 percent.",
    "Growth in Q1 2015 was hurt by the unresolved conflict in the East, which took a heavier than expected toll on the economy in the first quarter of 2015.",
    "Inflation drivers: one-off pass-through effects of the large exchange rate depreciation in February and the needed energy price increases.",
    "Foreign exchange market: broadly stable in recent months.",
    "Gross international reserves increased to US$9.6 billion at end-April.",
    "Banks’ deposits in domestic currency have been recovering.",
    "Budget outturn in the first months of 2015 was stronger than expected, partly due to temporary factors.",
    "All performance criteria for end-March were met.",
    "All structural benchmarks due in the Spring are on course to be met, albeit some with a delay.",
    "Decisive implementation of economic reforms is indispensable to entrench financial stability and restore robust and sustainable growth.",
    "Authorities’ commitments and policy directions:",
    "Continued financial support for Ukraine’s reform efforts from official and private creditors is described as vital for the success of the program.",
    "[Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No. 15/107](https://www.imf.org/external/np/sec/pr/2015/pr15107.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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