The IMF is tired of feeding Ukraine promises instead of reforms - the loan was postponed again
The agenda of the IMF Board of Directors meetings for August does not include the issue of further financing of Ukraine under the EFF program.
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This is evidenced by a document published on the Foundation’s website.
Earlier, Ukrainian Finance Minister Alexander Danylyuk assumed that the “Ukrainian issue” would be included on the agenda of the meeting of the IMF board of directors at the end of August.
“The council will officially meet in the fourth week of August. Then we hope to have our meeting (at which the issue of Ukraine will be discussed), and we hope for a positive decision on the third tranche,” Danylyuk said.
However, after August 15, the IMF sent a letter to the Ukrainian authorities with complaints about the e-declaration system.
“Without certification, the system will not be considered operational and will not meet the obligations under the IMF-supported program. We therefore urge you to urgently correct this shortcoming,” the IMF letter said.
Opened in March 2015, the four-year EFF program totaling approximately $17 billion initially included quarterly program reviews and tranche allocations. Ukraine managed to receive only two tranches – $5 billion in March and $1,7 billion in August 2015.
As the influential Kiev weekly “Zerkalo Nedeli” notes, if the current government does not learn a lesson from the mistakes of its predecessors and continues to feed creditors only with plans, projections, empty programs and endless reform roadmaps, the reaction of creditors will be appropriate, as will the financial consequences
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