IMF chief praises Ukraine for implementing economic reform program

ISTANBUL

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Friday praised Ukrainian authorities for implementing an economic reform program.

The program, supported by the IMF, aims to sustain economic and financial stability during a time of exceptionally high uncertainty, restore debt sustainability, and promote Ukraine’s advancements on the path toward EU accession, she said.

The IMF’s financing for the program totals $15.6 billion, while it is part of a broader $122 billion external support package to Ukraine comprising contributions from both the official and private sector, Georgieva noted.

"In line with the program, the Ukrainian authorities’ strategy to restore debt sustainability involves treatments of both official and external commercial debt, coupled with continued external financing on concessional terms and fiscal consolidation," she said in a statement.

"Taking account of the continuing extremely challenging circumstances, I welcome the Ukrainian authorities’ commitment to remain engaged with creditors, and to be ready to undertake a further restructuring as necessary to ensure debt sustainability is secured by the end of the program," she added.

Georgieva said the Ukrainian authorities have demonstrated their capacity to put in place "sound policies" and "pursue an ambitious reform agenda," including a revenue-based fiscal consolidation and structural reforms to support sustained economic growth.