By expanding technical support, the International Monetary Fund (IMF) is deepening cooperation with Ukraine in economic and financial reforms.
The relevant statement was made by the Ukrainian Finance Ministry, an Ukrinform correspondent reports.
The Steering Committee of the Ukraine Capacity Development Fund (UCDF), which is administered by the IMF, held a meeting in Kyiv. The meeting was attended by Ukrainian Finance Minister Sergii Marchenko, Governor of the National Bank of Ukraine (NBU) Andriy Pyshnyy, Ukrainian Finance First Deputy Minister Denys Uliutin, Ukrainian Finance Deputy Minister Yurii Drahanchuk and Ukrainian Finance Deputy Minister Svitlana Vorobei. The IMF representatives included IMF European Department Deputy Director Uma Ramakrishnan, IMF Mission Chief for Ukraine Gavin Gray, other experts of the Fund, and representatives of UCDF donor countries.
“Since the UCDF was established, the Finance Ministry has received technical support in key areas for the budget system, including the development and implementation of the National Revenue Strategy, tax administration reform, public finance management, medium-term budget planning, as well as fiscal risk assessment and management,” Marchenko told.
Following the annual report, the IMF praised Ukraine’s commitment to the reforms agenda, as well as the effectiveness of mobilizing domestic financial resources and managing budgetary risks despite the challenging external conditions.
As noted by the ministry, the UCDF objectives are aligned with reforms under the Extended Fund Facility (EFF) Arrangement, allowing for the financial cooperation agenda to be implemented more effectively. Ukraine has already completed seven EFF reviews, which is a record achievement.
In the next five years, the target budget of the UCDF is expected to reach USD 65 million. Currently, the total amount of donor contributions is USD 36 million. The UCDF donors include the Netherlands, Canada, Switzerland, Slovakia, the European Commission, Latvia, Ireland, Poland, Japan, Lithuania, and Finland.
A reminder that the Ukraine Capacity Development Fund (UCDF) was launched on February 13, 2024 to provide resources for technical assistance in support of Ukraine’s economic reforms.
Photo: facebook.com/minfin.gov.ua
Source: IMF expands technical support for economic reforms in Ukraine
