Ukraine, IMF reach staff-level deal on program monitoring

24 November, 12:20 PM
IMF (Photo:REUTERS / Yuri Gripas)

IMF (Photo:REUTERS / Yuri Gripas)

Ukraine and the International Monetary Fund (IMF) have reached a Staff-Level Agreement (SLA) on Program Monitoring with Board Involvement (PMB), the National Bank of Ukraine (NBU) reported on Nov. 23.

The deal was reached following the IMF’s virtual Ukraine mission on Nov. 11-22.

According to the NBU, the SLA will set in motion consideration by the IMF leadership for the approval of the PMB and a discussion at the Executive Board.

It is noted that during the mission, a series of meetings took place between NBU representatives, the Ministry of Finance, and other Ukrainian authorities. As a result of the talks, the parties have, among other things, identified priority areas of work that will allow Ukraine to maintain its macroeconomic and financial stability in the future.

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In particular, the NBU will update the Strategy of Ukrainian Financial Sector Development, which will include the banking system’s resilience assessment, the concept of recapitalization and resolution of non-performing loans (NPLs), and the development of further plans to facilitate the financial sector’s uninterrupted operation.

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