The Rada should approve reforms demanded by the IMF by July 2021, allowing for the resumption of IMF financing in September

, Oleh Ustenko, the President’s economic adviser, told RBC-Ukraine in an extensive interview. “Amendments will be made to the law on banks and the law on the National Bank, which will increase its independence,” Ustenko said. He warned that it would be costly for the Finance Ministry to go to the Eurobond market without an IMF deal. He said of bond yields: “Without the IMF, it will be 1-2 percentage points higher.”

The IMF checklist includes:

protecting the National Bank of Ukraine from political pressure; strengthening the rule of law by maintaining the EU-standard anti-corruption institutions put in place; returning the fiscal deficit “to pre-pandemic levels;” building a fully functioning household gas market without price controls; and not going down the path of tax amnesties.