{
  "title": "Ukraine: Statement at the Conclusion of an IMF Mission",
  "publication": "IMF News, October 21, 2022",
  "sourceUrl": "https://www.imf.org/en/news/articles/2022/10/21/pr22359-ukraine-statement-at-the-conclusion-of-an-imf-mission",
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  "summary": "Ukraine: Statement at the Conclusion of an IMF Mission",
  "publishDate": "2022-10-21",
  "sections": [
    {
      "heading": "Mission and meetings",
      "content": "- Press Release No. 22/359; October 21, 2022.\n- IMF Mission Chief for Ukraine: Gavin Gray.\n- Mission dates: October 17–20.\n- Location of meetings: Vienna, Austria.\n- Meetings were held with:\n  - Finance Minister, Serhii Marchenko.\n  - Governor of the National Bank of Ukraine, Andriy Pyshnyy.\n- Media contact: PRESS OFFICER: Meera Louis; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson."
    },
    {
      "heading": "Economic and humanitarian impact (findings)",
      "content": "- The Russian invasion of Ukraine that started over seven months ago has caused tremendous human suffering and had a severe economic impact.\n- Key impacts identified:\n  - Real gross domestic product (GDP) has contracted significantly.\n  - Inflation has risen sharply.\n  - Trade has been substantially disrupted.\n  - The fiscal deficit has risen to unprecedented levels."
    },
    {
      "heading": "Focus of discussions",
      "content": "- Discussions focused on:\n  - Recent macro-financial developments and outlook.\n  - The budget for 2023 and associated external financing needs.\n  - Financial sector issues.\n  - The mix of policies to support macroeconomic stability."
    },
    {
      "heading": "Assessment of authorities’ performance and policy recommendations",
      "content": "- Assessment:\n  - \"The Ukrainian authorities deserve considerable credit for having maintained an important degree of macro-financial stability in these extremely difficult circumstances.\"\n- Recommendations and encouragements to the authorities:\n  - \"The authorities are encouraged to refrain from measures that erode tax revenues, as they strive to align expenditure with available financing.\""
    },
    {
      "heading": "Follow-up: Program Monitoring with Board Involvement (PMB)",
      "content": "- Planned next steps:\n  - Staff and the authorities will advance work in the coming weeks to follow up on the authorities’ request for Program Monitoring with Board Involvement (PMB).\n- Purpose and expected outcomes of the PMB:\n  - The PMB will lay out the authorities’ policy intentions to support macroeconomic and financial stability.\n  - The PMB will present an assessment of external financing needs for 2023.\n  - The PMB will provide a strong anchor for macroeconomic policies.\n  - The PMB will further catalyze donor support.\n  - The PMB will help pave the way toward a fully-fledged Fund program.\n\nInternational Monetary Fund — Statement issued October 21, 2022.\n\n---\n\n\n References\n\n- Ukraine and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2022/10/21/pr22359-ukraine-statement-at-the-conclusion-of-an-imf-mission"
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    "Published: October 21, 2022",
    "Press Release No. 22/359; October 21, 2022.",
    "IMF Mission Chief for Ukraine: Gavin Gray.",
    "Mission dates: October 17–20.",
    "Location of meetings: Vienna, Austria.",
    "Meetings were held with:",
    "Media contact: PRESS OFFICER: Meera Louis; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.",
    "The Russian invasion of Ukraine that started over seven months ago has caused tremendous human suffering and had a severe economic impact.",
    "Key impacts identified:",
    "Discussions focused on:",
    "Assessment:",
    "Recommendations and encouragements to the authorities:",
    "Planned next steps:",
    "Purpose and expected outcomes of the PMB:",
    "[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/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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