President of Ukraine

Ukraine continues cooperation with the International Monetary Fund - the results of the meeting between the President and the IMF mission

28 May 2019 - 19:42

Ukraine continues cooperation with the International Monetary Fund - the results of the meeting between the President and the IMF mission

President of Ukraine Volodymyr Zelenskyy had a meeting with the mission of the International Monetary Fund in Ukraine headed by Ron van Roden in Kyiv. The meeting was also attended by Governor of the National Bank of Ukraine Yakiv Smolii and Minister of Finance Oksana Markarova.

The current Stand-by cooperation program was provided to Ukraine to maintain macro-financial stability in the year of the presidential and parliamentary elections.

"Cooperation is being continued. The International Monetary Fund has always been a reliable partner of Ukraine in times when we need support, and Ukraine, for its part, will also remain a partner in fulfilling its obligations. Unfortunately, we are currently observing a delay in adopting the reformist draft laws long-awaited by the citizens, business and financial community. I am hopeful that the parliament of the new convocation will make up for this and provide a basis for receiving the next tranche from the Fund," Volodymyr Zelenskyy stressed.

The Head of State noted that several factors had influenced the decision to dissolve the Verkhovna Rada.

"I believe this Verkhovna Rada has lost the ability to make responsible decisions," he said.

The President also said that his team had drafted a new bill on liability for illicit enrichment, which would return an important tool to the anticorruption authorities to bring corrupt officials to justice.

"This week we will definitely submit this bill to the parliament and we are hopeful that the MPs will approve it. However, if this does not happen, it will be another proof that it is a disabled parliament. Regular elections were scheduled for the end of October. Then somewhere in December we would have a coalition and a new government. But citizens and economy cannot wait so long. Without the necessary changes we would have problems with the International Monetary Fund,” Volodymyr Zelenskyy noted.

For his part, Governor of the National Bank of Ukraine Yakiv Smolii stressed that the continuation of cooperation with the IMF was extremely important for maintaining financial stability in Ukraine.

"By the end of this year, our country must pay over $ 5 billion in foreign and domestic liabilities in foreign currency. The volume of international reserves is currently $ 19.3 billion, and this is enough to fulfill sovereign obligations. At the same time, cooperation with the IMF is also an access to another financing, a guarantee of the continuation of structural reforms crucial for the long-term sustainable growth of the Ukrainian economy," Yakiv Smolii said.

"Timely and proper debt service and repayment of public debt is a precondition of confidence of foreign investors in Ukraine, a basis of reputation of the state in the international arena," Oksana Markarova noted.

For their part, the International Monetary Fund representatives have demonstrated willingness to continue the discussion on further cooperation with Ukraine once a new Government is formed after the parliamentary elections. Before that, there will be ongoing consultations on the formation of a new reform agenda.

"We do not see obstacles to cooperation. After the parliamentary elections, after the Government is formed, we are ready to come to Kyiv immediately and continue negotiations on the way to provide our support," Ron van Roden emphasized.

He noted that early parliamentary elections were a new opportunity to accelerate transformations in the country.

Also, the Head of the IMF mission stressed the importance of continuing the work of the anticorruption institutions - NABU, SAP and Supreme Anticorruption Court.