IMF, Ukraine Reach Staff Level Agreement On Program Monitori...| MENAFN.COM

Monday, 28 November 2022 04:14 GMT

IMF, Ukraine Reach Staff Level Agreement On Program Monitoring With Board Involvement


(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Nov 23 (KUNA) -- The International Monetary Fund (IMF) and Ukrainian authorities have reached staff-level agreement on economic policies for a Program Monitoring with Board Involvement (PMB), the IMF announced Wednesday.
The IMF said in a statement that the agreement is 'subject to approval by IMF Management and an IMF Executive Board discussion is expected in the coming weeks.'
'The PMB will help provide an anchor for macroeconomic policies and catalyze donor support,' it added.
'Strong policy implementation would help pave the way towards a full-fledged IMF-supported program.'
The IMF stressed that 'Russia's invasion continues to have a devastating social and economic impact on Ukraine and the main economic policy challenge facing the authorities is to ensure adequate resources for core functions of the state while continuing to preserve macroeconomic stability'.
It indicated that economic activity is expected to 'stabilize' in 2023, with growth at one percent under the baseline scenario, following a 33 percent contraction this year. Inflation is projected to remain elevated at around 25 percent on average. (end)
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