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22 November 2022, 08:19 PM

NBU optimistic after IMF talks

The National Bank of Ukraine (NBU) is optimistic about the prospects of a new funding program from the IMF, NBU Governor Andriy Pyshnyy said during his address to Ukraine’s European Business Association on Nov. 22.

After another round of talks with the IMF has concluded, Ukraine's cooperation with the IMF should catalyze donor support of the country, according to the governor.

“Last week we concluded the (IMF) second mission, which is very encouraging,” said Pyshnyy.

“I believe in the effectiveness of our joint work with Ukraine’s Finance Ministry as part of this interaction with the IMF.”

In his words, Ukraine's 2023 budget will have to rely on substantial international financial support, including from the IMF.

"We have almost reached a staff-level agreement with the IMF on the benchmarks of the program that will outline the agenda for near-future outlook and has shaped the joint mandate with the government and the Finance Ministry," he added.

Pyshnyy concluded by saying that Kyiv’s sustained cooperation with the fund paves the way towards reducing the risks to the country’s macro-financial stability and lays the groundwork to Ukraine’s post-war economic recovery.

The most recent IMF mission to Ukraine, led by Mission Chief Gavin Gray, worked from Nov. 11 through Nov. 17. The mission is expected to formulate final agreements as for the requested Program Monitoring with Board Involvement (PMB) in early December. The program will enable IMF assistance in financing Ukraine’s urgent budgetary needs.

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