## Ukraine: First Review Under the Extended Arrangement—Press Release; Staff Report; and Statement by the Executive Director for Ukraine

_IMF Staff Country Reports, August 4, 2015_

## Source details

**Canonical URL:** [Ukraine: First Review Under the Extended Arrangement—Press Release; Staff Report; and Statement by the Executive Director for Ukraine](https://www.imf.org/en/publications/cr/issues/2016/12/31/ukraine-first-review-under-the-extended-arrangement-press-release-staff-report-and-statement-43152)

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## Bibliographic details
- Published: August 4, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513542317.002

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### Executive summary and staff recommendation
- The paper discusses Ukraine’s First Review Under the Extended Arrangement.
- The authorities have made a strong start in implementing the program.
- All performance criteria (PCs) for end-March 2015 and, based on preliminary information, all PCs for end-June were met.
- Eight benchmarks were completed, albeit four of them with a delay and two were converted into prior actions for this review.
- Discussions with creditors have made progress toward a debt operation that would restore fiscal sustainability.
- In view of the authorities’ performance under the program, their policy commitments for the period ahead, and progress toward a debt operation in line with its stated objectives, the IMF staff recommends the completion of the first review.

### Key findings and program implementation
- Performance criteria:
  - All PCs for end-March 2015 met.
  - Based on preliminary information, all PCs for end-June met.
- Benchmarks and actions:
  - Eight benchmarks completed.
  - Four benchmarks completed with delay.
  - Two benchmarks converted into prior actions for this review.
- Creditor engagement:
  - Discussions with creditors have made progress toward a debt operation intended to restore fiscal sustainability.

### Policy implications and commitments
- The authorities have committed to policies for the period ahead consistent with the program.
- Progress toward a debt operation that meets the program’s stated objectives underpins the staff recommendation to complete the first review.

### Subjects and keywords
- Subject: Banking, Credit, Exchange rates, Foreign exchange, Inflation, Money, Prices, Public debt, Revenue administration
- Keywords: anchor inflation expectation, authority, CR, Credit, deficit target, disbursement of SDR, Europe, Exchange rates, Global, government support, Inflation, ISCR, NBU, NBU loan

*Ukraine: First Review Under the Extended Arrangement—Press Release; Staff Report; and Statement by the Executive Director for Ukraine, IMF Staff Country Reports 2015, 218 (2015), August 4, 2015.*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/ukraine-first-review-under-the-extended-arrangement-press-release-staff-report-and-statement-43152_