IMF observes signs of ‘economic stability’ in Ukraine

International Monetary Fund praises Ukraine’s upholding economic reform despite its ongoing war with separatists

Photo by: Reuters
Photo by: Reuters

Updated Jul 28, 2015

The International Monetary Fund (IMF) representatives visited Ukraine on Sunday, saying Ukraine is on the right track for positive reform and that they are looking forward to finalising a staff-level agreement for approval by the executive board.

Ukraine is on the verge of bankruptcy and is fighting a war with Russian-backed separatists. The Kiev administration has undertaken policy for economic reform in order to secure an instalment of $2.5 billion as part of the agreed $17.5 billion bailout programme.

The IMF Ukraine mission chief Nikolay Gueorguiev issued a statement, saying ‘understandings’ have been agreed upon with Ukraine and most issues have been resolved during his teams visit between May 12-29.

He praised Ukraine on ‘good implementation’ of the economic reforms despite the fact that Ukraine is at war. The team observed signs that ‘economic stability is gradually taking hold’, he added..

"Understandings were reached on most issues and discussions will continue in the coming days to finalize a staff-level agreement that can be taken for approval to the IMF management and the Executive Board," Gueorguiev said.

TRTWorld and agencies