## Ukraine: Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement-Press Release and Staff Report

_IMF Staff Country Reports, June 15, 2020_

## Source details

**Canonical URL:** [Ukraine: Ex-Post Evaluation of Exceptional Access Under the 2015 Extended Arrangement-Press Release and Staff Report](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)

## Other formats

- [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)

## Bibliographic details
- Published: June 15, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513547831.002

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### Summary findings
- Sound fiscal and monetary policies since the 2014–2015 crisis have resulted in a sharp reduction in Ukraine’s external and internal imbalances.
- Public debt was put on a downward path.
- Inflation has declined.
- International reserves have recovered.
- The National Bank of Ukraine has skillfully managed monetary policy during a very challenging period.

### Program objectives and role of new arrangement
- 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:
  - safeguarding medium-term fiscal sustainability,
  - preserving central bank independence and the flexible exchange rate,
  - enhancing financial stability while recovering the costs from bank resolutions.

### Policy recommendations and institutional priorities
- 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.
- Fiscal policy should remain sound to sustain the downward path of public debt and continued macroeconomic stabilization.

### Subject coverage and keywords
- 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

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## Content in this bundle

- **1ukrea2020002 — Executive Summary**
  - [1ukrea2020002 — Executive Summary (Markdown version)](/-/media/files/publications/cr/2020/english/1ukrea2020002.pdf.md){rel="alternate" type="text/markdown"}
  - [1ukrea2020002 — Executive Summary (PDF)](/-/media/files/publications/cr/2020/english/1ukrea2020002.pdf){rel="external" type="application/pdf"}

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_Source: 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_