The IMF mission with the new leader starts work in Ukraine on November 12


Moscow. November 11. The International monetary Fund mission headed by the new Director – Ron van Rudenok will begin work in Kyiv on 12 November, said the head of representation of IMF in Ukraine Jerome Yours.

“In continuation of the previous technical discussions, which lasted from 22 September to 2 October, the mission will continue discussions at the political level with the authorities of Ukraine in the context of the programme of economic reforms, implemented with IMF support,” said Your.

Opened in March this year a four-year EFF program with the total volume of 12,348 billion SDR (about $17,04 billion at the current rate) initially suggested conducting a quarterly review of the programme, the allocation in 2015 of four tranches. However, to date the country has received only the first tranche of funds by $5 billion and second – 1.18 bln SDR (around $1.63 billion).

The allocation of the third tranche under the EFF program is delayed. “The IMF has left, because we are not prepared to say, how to balance (cost reduction due to the tax reform),” said Finance Minister Natalie Jaresko after the September visit of the mission, noting that the fourth tranche this year will not be received.

The Finance Ministry has prepared proposals on reduction of budget expenditures by 60 billion UAH, however, the amendments must be approved by the government, and then sent to Parliament. According to Jaresko, among other outstanding issues in negotiations with IMF – further decisive steps to combat corruption, reforms.

The head of the IMF mission from 4 June 2013 until recently was Nikolay Georgiev, who succeeds Christopher Jarvis.

The official exchange rate on 11th of November of 22.76 USD./$1.