IMF expands technical support for economic reforms in Ukraine

The Ministry of Finance of Ukraine reports this, reports a Ukrinform correspondent.

The Steering Committee of the Ukraine Capacity Development Fund (UCDF), which is managed by the IMF, met in Kyiv. The event was attended by Minister of Finance of Ukraine Serhiy Marchenko, Governor of the National Bank of Ukraine (NBU) Andriy Pyshnyi, First Deputy Minister of Finance of Ukraine Denys Uliutin, Deputy Minister of Finance of Ukraine Yuriy Draganchuk and Deputy Minister of Finance of Ukraine Svitlana Vorobei. The IMF delegation included Deputy Director of the IMF Eurasian Department Uma Ramakrishnan, IMF Mission Chief for Ukraine Gavin Gray, other Fund experts, as well as representatives of UCDF donor countries.

“Since the establishment of UCDF, the Ministry of Finance has received technical assistance on key aspects of the budget system, including the development and implementation of the National Revenue Strategy, tax administration reform, public financial management, medium-term budget planning, and fiscal risk assessment and management,” Marchenko noted.

In its annual report, the IMF praised Ukraine's commitment to its reform program, as well as its effectiveness in mobilizing domestic financial resources and managing fiscal risks, despite challenging external conditions.

As the Ministry emphasized, the UCDF goals are in line with the reforms under the Extended Funding Facility (EFF), which allows for more effective implementation of the financial cooperation agenda. Ukraine has already completed seven EFF reviews, which is a record achievement.

The UCDF target budget is expected to reach US$65 million over the next five years. Currently, donor contributions total US$36 million. UCDF donors include the Netherlands, Canada, Switzerland, Slovakia, the European Commission, Latvia, Ireland, Panama, Japan, Lithuania and Finland.

We remind you that the Ukraine Potential Development Fund (UCDF) was launched on February 13, 2024 to provide resources for technical assistance in support of economic reforms in Ukraine.

Photo: facebook.com/minfin.gov.ua