{
  "title": "Ukraine: Request for Stand-By Arrangement-Staff Report; Staff Supplement; and Press Release on the Executive Board Discussion",
  "publication": "IMF Staff Country Reports, May 18, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/ukraine-request-for-stand-by-arrangement-staff-report-staff-supplement-and-press-release-on-17378",
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  "summary": "This paper examines Ukraine’s Request for a Stand-By Arrangement (SBA). The authorities have requested a 12-month SBA, which they intend to treat as precautionary. Their economic program for 2004 aims to sustain recent stabilization gains and advance some important structural reforms.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- The authorities have requested a 12-month Stand-By Arrangement (SBA), which they intend to treat as precautionary.\n- The economic program for 2004 aims to sustain recent stabilization gains and advance important structural reforms.\n- Key program objectives include supporting economic growth; keeping inflation under control; bolstering debt sustainability; maintaining an adequate level of international reserves; reducing credit risk in the banking sector; and improving the investment climate, including through wide-ranging tax reforms."
    },
    {
      "heading": "Major findings and focus areas",
      "content": "- Stabilization and growth:\n  - The program targets sustaining recent stabilization gains while supporting economic growth.\n- Inflation and monetary stewardship:\n  - Keeping inflation under control is a principal objective.\n- Debt and reserves:\n  - Bolstering debt sustainability is emphasized.\n  - Maintaining an adequate level of international reserves is an explicit program aim.\n- Banking sector and credit risk:\n  - Reducing credit risk in the banking sector is prioritized, including measures to strengthen banking sector capitalization.\n- Investment climate and tax reform:\n  - Improving the investment climate is a core objective, with a focus on wide-ranging tax reforms and addressing VAT refund arrears.\n- Other subjects highlighted:\n  - Arrears, Commercial banks, Credit, Debt service, External debt, Money, Public debt."
    },
    {
      "heading": "Policy recommendations and reform priorities",
      "content": "- Treat the 12-month SBA as precautionary while using it to reinforce confidence in macroeconomic policies.\n- Implement structural reforms to:\n  - Strengthen banking sector capitalization and reduce credit risk.\n  - Advance wide-ranging tax reforms to improve the investment climate and address VAT refund arrears.\n  - Enhance stewardship of monetary policy to keep inflation under control.\n- Pursue measures to bolster debt sustainability and maintain adequate international reserves."
    },
    {
      "heading": "Keywords and topical tags (as stated in the document)",
      "content": "- Arrears, Baltics, CR, Credit, Debt service, February, government, increase foreign direct investment, ISCR, stewardship of monetary policy, strengthening of banking sector capitalization, Ukraine's stewardship, VAT refund arrears\n\nInternational Monetary Fund. \"Ukraine: Request for Stand-By Arrangement-Staff Report; Staff Supplement; and Press Release on the Executive Board Discussion\", IMF Staff Country Reports 2004, 129 (2004), May 18, 2004.\n\n---\n\n Content in this bundle\n\n- cr04129\n  - cr04129 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr04129 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement-Staff Report",
    "Published: May 18, 2004",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451839005.002",
    "The authorities have requested a 12-month Stand-By Arrangement (SBA), which they intend to treat as precautionary.",
    "The economic program for 2004 aims to sustain recent stabilization gains and advance important structural reforms.",
    "Key program objectives include supporting economic growth; keeping inflation under control; bolstering debt sustainability; maintaining an adequate level of international reserves; reducing credit risk in the banking sector; and improving the investment climate, including through wide-ranging tax reforms.",
    "Stabilization and growth:",
    "Inflation and monetary stewardship:",
    "Debt and reserves:",
    "Banking sector and credit risk:",
    "Investment climate and tax reform:",
    "Other subjects highlighted:",
    "Treat the 12-month SBA as precautionary while using it to reinforce confidence in macroeconomic policies.",
    "Implement structural reforms to:",
    "Pursue measures to bolster debt sustainability and maintain adequate international reserves.",
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