IMF mission concluded its work in Ukraine-Fund expects to receive the state budget and tax reform.
The mission of the International Monetary Fund, is in Kiev from 12 to 20 November, concluded its work. The mission said the deepening of mutual understanding with the Ukrainian authorities and is waiting for approval of the budget and tax reforms in the framework of the EFF.
This was said in a statement on the results of the mission in Kiev.”The mission will continue its constructive discussions with the country’s policies required for completion of the second review of the program by agreement of the Extended Fund Facility (EFF). The significant work carried out at the technical level, to promote mutual understanding on the proposed tax reform and budget implications for 2016 . Therefore, at the present time is important representation of the Government to the Verkhovna Rada of the budget agreed with the objectives of the program, aimed at reducing the budget deficit and public debt to a safe level, and the adoption by the Verkhovna Rada said the budget “, – said the Head of mission Ron van Ruden.
According to him, Ukraine needs a stable measures to expand the tax base and cost optimization.
“Durable fiscal stance, combined with measures aimed at improving the banking system and the acceleration of economic reforms are crucial for securing financial stability and lay the groundwork for strong and sustainable growth”, – he said.
Opened in March of this year, four-year EFF program totaling SDR12,348 billion (about US $ 17.04 billion at the current exchange rate) to the first tranche of $ 5 billion originally anticipated quarterly review of the program, the allocation in 2015 for another three tranches SDR1,18 billion (about $ 1.63 billion) and a decrease in quarterly tranches in the years 2016-2018 to SDR0,44 billion ($ 0.61 billion).
