{
  "title": "Ukraine: Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement-Press Release and Staff Report",
  "publication": "IMF Staff Country Reports, June 15, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518",
  "overlayPath": "/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518/index.md",
  "summary": "This paper focuses on Ukraine’s Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement. Sound fiscal and monetary policies since the 2014–2015 crisis have resulted in a sharp reduction in Ukraine’s external and internal imbalances.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- 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.\n- Inflation has declined.\n- International reserves have recovered.\n- The National Bank of Ukraine has skillfully managed monetary policy during a very challenging period."
    },
    {
      "heading": "Program objectives and role of new arrangement",
      "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- Together with support from the World Bank and the European Union, it will help address large financing needs.\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": "Policy recommendations and institutional priorities",
      "content": "- Central Bank independence should be preserved.\n- Monetary and exchange rate policies should continue to provide a stable anchor in the context of the inflation-targeting regime, while allowing orderly exchange rate adjustment and preventing liquidity stress.\n- Recovering the costs from bank resolutions is a priority for enhancing financial stability.\n- Fiscal policy should remain sound to sustain the downward path of public debt and continued macroeconomic stabilization."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subjects: Banking, Corruption, Crime, Fiscal policy, Macrostructural analysis, Public debt, Revenue administration, Structural reforms, Tariffs, Taxes\n- Keywords: budget support, Corruption, CR, emergency financing request, financing, financing needs, fiscal financing, Global, government financing, ISCR, policy, policy priority, sound fiscal policy, Structural reforms, Tariffs\n\n---\n\n Content in this bundle\n\n- 1ukrea2020002 — Executive Summary\n  - 1ukrea2020002 — Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1ukrea2020002 — Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518/bundle-manifest.json)",
    "Published: June 15, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513547831.002",
    "Sound fiscal and monetary policies since the 2014–2015 crisis have resulted in a sharp reduction in Ukraine’s external and internal imbalances.",
    "Inflation has declined.",
    "International reserves have recovered.",
    "The National Bank of Ukraine has skillfully managed monetary policy during a very challenging period.",
    "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.",
    "Together with support from the World Bank and the European Union, it will help address large financing needs.",
    "The program will focus on:",
    "Central Bank independence should be preserved.",
    "Monetary and exchange rate policies should continue to provide a stable anchor in the context of the inflation-targeting regime, while allowing orderly exchange rate adjustment and preventing liquidity stress.",
    "Recovering the costs from bank resolutions is a priority for enhancing financial stability.",
    "Subjects: Banking, Corruption, Crime, Fiscal policy, Macrostructural analysis, Public debt, Revenue administration, Structural reforms, Tariffs, Taxes",
    "Keywords: budget support, Corruption, CR, emergency financing request, financing, financing needs, fiscal financing, Global, government financing, ISCR, policy, policy priority, sound fiscal policy, Structural reforms, Tariffs",
    "**1ukrea2020002 — Executive Summary**"
  ],
  "related": [
    {
      "title": "1ukrea2020002 — Executive Summary",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2020/english/1ukrea2020002.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2020/english/1ukrea2020002.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2020/english/1ukrea2020002.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518/index.md",
    "json": "/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518/index.json",
    "bundleManifest": "/en/publications/cr/issues/2020/06/16/ukraine-ex-post-evaluation-of-exceptional-access-under-the-2015-extended-arrangement-press-49518/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-12T18:57:46.426Z"
}