IMF monitoring program for Ukraine to be approved in December, says NBU governor
Meeting of NBU Chairman Andriy Pyshnyi with US Assistant Secretary of State for Europe and Eurasia Karen Donfried and US Ambassador Extraordinary and Plenipotentiary to Ukraine Bridget Brink (Photo:Андрій Пишний / Facebook)
An International Monetary Fund (IMF) monitoring program, which would involve representatives of the Fund’s board, will be approved in the first half of December, Governor of the National Bank of Ukraine (NBU) Andriy Pyshnyy wrote on Facebook on Nov. 1.
The governor shared the details of a Nov. 1 meeting with U.S. Assistant Secretary of State for European and Eurasian Affairs Karen Donfried and U.S. Ambassador Extraordinary and Plenipotentiary to Ukraine Bridget Brink.
Pyshnyy said the importance of international financing was extremely high in wartime conditions.
The NBU governor added that the IMF should take the leading role in coordinating international support for Ukrainian budget financing next year.
The IMF’s Mission Chief for Ukraine Gavin Gray on Oct. 21 issued a statement at the conclusion of an IMF Mission for Ukraine in Vienna, Austria. He said the discussions between the Ukrainian authorities and IMF representatives were productive, and the staff and the authorities would advance work in the coming weeks to follow up on the authorities’ request for Program Monitoring with Board Involvement (PMB).
U.S. Treasury Secretary Janet Yellen said in mid-October that such a full-fledged IMF program for Ukraine could be put in place as early as the beginning of 2023.
Earlier Ukrainian Finance Minister Serhii Marchenko said the government estimates the need to finance the state budget deficit in 2023 at $3-4 billion per month, compared to $5 billion per month in 2022 – sums that Ukraine has failed to attract so far.
The draft state budget of Ukraine for 2023, adopted in the first reading, provides for external financing of the deficit of an amount of $38 billion, or about $3.2 billion per month.
IMF Managing Director Kristalina Georgieva said the Fund could support Ukraine through a specially created account until the program for Ukraine is approved.
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