{
  "title": "Ukraine: Request for Stand-by Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Ukraine",
  "publication": "IMF Staff Country Reports, June 11, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/06/10/ukraine-request-for-stand-by-arrangement-press-release-staff-report-and-statement-by-the-49501",
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  "summary": "This paper presents Ukraine’s Request for Stand-By Arrangement. The 2020 budget is expected to be hit hard, with a sharp decline in revenues and large emergency spending needs to address the crisis. This has created large balance of payments and fiscal financing needs.",
  "sections": [
    {
      "heading": "Summary / Context",
      "content": "- This paper presents Ukraine’s Request for Stand-By Arrangement.\n- The 2020 budget is expected to be hit hard, with a sharp decline in revenues and large emergency spending needs to address the crisis.\n- This has created large balance of payments and fiscal financing needs.\n- Sound fiscal and monetary policies since the 2014–2015 crisis have resulted in a sharp reduction in Ukraine’s external and internal imbalances.\n- Public debt was put on a downward path, inflation has declined, and international reserves have recovered."
    },
    {
      "heading": "Program objectives and focus",
      "content": "- The new Stand-By Arrangement will provide an anchor for the authorities’ efforts to address the impact of the crisis, while ensuring macroeconomic stability and safeguarding achievements to date.\n- The program will focus on:\n  - safeguarding medium-term fiscal sustainability,\n  - preserving central bank independence and the flexible exchange rate,\n  - enhancing financial stability while recovering the costs from bank resolutions."
    },
    {
      "heading": "Financing and external support",
      "content": "- Together with support from the World Bank and the European Union, the Stand-By Arrangement will help address large financing needs."
    },
    {
      "heading": "Policy recommendations and reform priorities",
      "content": "- Concerted reform efforts aimed at tackling corruption and strengthening governance will be critical to ensure macroeconomic stability and achieve sustainable and inclusive growth."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subject: Banking, COVID-19, Exchange rates, External debt, Fiscal policy, Foreign exchange, Health, Public debt, Revenue administration\n- Keywords: authorities fiscal, budget support, COVID-19, CR, Exchange rates, financing, fiscal policy, Global, government, government financing, government policies response, ISCR, policy, policy priority\n\n---\n\n Content in this bundle\n\n- 1ukrea2020001 — Executive Summary\n  - 1ukrea2020001 — Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1ukrea2020001 — Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement. The",
    "Published: June 11, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513547015.002",
    "This paper presents Ukraine’s Request for Stand-By Arrangement.",
    "The 2020 budget is expected to be hit hard, with a sharp decline in revenues and large emergency spending needs to address the crisis.",
    "This has created large balance of payments and fiscal financing needs.",
    "Sound fiscal and monetary policies since the 2014–2015 crisis have resulted in a sharp reduction in Ukraine’s external and internal imbalances.",
    "The new Stand-By Arrangement will provide an anchor for the authorities’ efforts to address the impact of the crisis, while ensuring macroeconomic stability and safeguarding achievements to date.",
    "The program will focus on:",
    "Together with support from the World Bank and the European Union, the Stand-By Arrangement will help address large financing needs.",
    "Concerted reform efforts aimed at tackling corruption and strengthening governance will be critical to ensure macroeconomic stability and achieve sustainable and inclusive growth.",
    "Subject: Banking, COVID-19, Exchange rates, External debt, Fiscal policy, Foreign exchange, Health, Public debt, Revenue administration",
    "Keywords: authorities fiscal, budget support, COVID-19, CR, Exchange rates, financing, fiscal policy, Global, government, government financing, government policies response, ISCR, policy, policy priority",
    "**1ukrea2020001 — Executive Summary**"
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