Next year will be more difficult than this one in terms of obtaining financing.
The International Monetary Fund has updated its memorandum on economic and financial policies as part of the fifth review of the credit program.
This is discussed on the organization's website.
By the end of December 2024, Ukraine must adopt a law on rebooting the Accounting Chamber, adopt amendments to the law on law-making activities to ensure the functional independence of the National Energy and Utilities Regulatory Commission, and form the full Supervisory Board of Ukrenergo. The Supervisory Board of Ukrenergo must have seven members: three from the state and four independent (foreign).
The National Bank has received one task — by the end of October to assess key financial and operational risks to financial stability under different scenarios and prepare plans for unforeseen situations.
The IMF also postponed two previously established benchmarks, in particular the NABU audit (postponed from late September 2024 to late January 2025) and amendments to the Criminal Procedure Code regarding the expiration of pre-trial investigation periods.
In addition:
- adopting amendments to the Budget Code in accordance with the Action Plan for Public Investment Management (until late January 2025)
- appointment of a new head of the Bureau of Economic Security, elected through a competition (end of February 2025)
- approval of the methodology for assessing state investment projects (end of February 2025)
- registration of a bill on tax reporting for operators of digital platforms, i.e. online services offering taxi services, real estate rentals, marketplaces, etc. (end of April 2025)
- appointment of the head of the State Customs Service and permanent chairmen of all regional customs offices (end of June 2025)
- submission of the budget declaration for 2026-2028 in accordance with the program parameters (end of June 2025)
Recall that the IMF completed the fifth review of the extended arrangement under the Extended Fund Facility (EFF) for Ukraine, allowing it to allocate about $1.1 billion to Ukraine. These funds will be used to support the budget.
The IMF notes that the economy turned out to be more resilient than expected in the first half of 2024, thanks to continued growth, moderate inflation, and sufficient reserves, backed by significant external support. However, the outlook for late 2024 and 2025 has worsened since the fourth revision (June), mainly due to the ongoing Russian attacks on Ukrainian energy infrastructure and uncertainty about the war.
It was previously reported that Ukrainians will face higher gas and electricity tariffs because the IMF demands it. Read more about this in the news.