Ukraine expects the IMF to approve a $1.1B loan. “The ongoing IMF mission to Kyiv ends on November 18, with discussions expected to continue virtually after that”, said an IMF resident representative in Ukraine, Priscilla Toffano. The In... #imf #IMFStructuralBeacons #ReformsinUkraine #TaxIncrease
The World Bank sees enormous opportunity in Ukraine: Subject to reforms, the private sector can finance approximately 33% of recovery. There are a considerable number of opportunities in Ukraine despite the full-scale war, said Lisa Kaestner, a senior official of the International Finance Corporation of the World Bank Group, at the K... #ifc #LisaKaestner #ReformsinUkraine #UkraineReconstruction #worldbank
To become a NATO member, Ukraine needs to carry out reforms; all Alliance members want Kyiv to win the war. US National Security Adviser Jake Sullivan said that Ukraine must implement the necessary reforms and fulfill certain security conditions in order to obtain NATO membership. “So, the question is... #JakeSullivan #MarkRutte #MilitaryAid #NATOUkraine #ReformsinUkraine #SupportUkraine #WarinUkraine
The IMF Board has completed the fifth EFF review for Ukraine and will allocate $1.1B, an IMF statement says. Experts note that the Ukraine’s economy remains stable, and the implementation of the EFF program is high, despite difficult conditions. Ukrainian authorities met all quan... #EFFprogram #imf #IMFStructuralBeacons #IMFtranches #ReformsinUkraine
The IMF adds more beacons to Ukraine’s updated memorandum. The National Anti-Corruption Bureau audit was postponed from the end of September to the end of January 2025, and changes to the Criminal Procedure Code were delayed from the end of October 2024 to th... #CustomsUkraine #imf #IMFStructuralBeacons #ReformsinUkraine #Ukrenergo
The Ukrainian Parliament approved a record tax increase. On October 10, the Verkhovna Rada adopted draft law No. 11416-d, enacting a historic tax increase. The document provides for: An increase in the military levy from 1.5% to 5%, except for the military ... #ReformsinUkraine #TaxesUkraine #TaxIncrease #UkrainianParliament
The final adoption of a bill raising taxes may negatively affect the economy: Businesses offer an alternative. The current version of the draft law provides for an increase in the military tax from 1.5% to 5%, a 50% tax on bank profits in 2024, and 25% for non-bank financial institutions. The bill foresees add... #ReformsinUkraine #ShadowEconomy #TaxesinUkraine #UkraineBudget #UkraineBudgetDeficit #UkraineEconomy
Ukraine has fulfilled almost all IMF requirements for the sixth revision of the cooperation program. According to monitoring by the RRR4U consortium, the parties agreed on the successful fifth revision of the current cooperation program in early September. Soon, a decision from the Board of Directors... #imf #IMFStructuralBeacons #NABU #ReformsinUkraine #RRR4U
Analysts name the main systemic challenges of Ukraine’s agrarian European integration. In May 2024, the EU Council extended the duty-free trade regime for Ukraine until June 2025. Until then, the parties will update the Association Agreement and establish the expected terms of trade bef... #agroUkraine #EuropeanIntegration #ReformsinUkraine #UkraineEUNegotiations #Ukrainianfarmers
Ukraine fulfilled three more indicators within the framework of the EU Ukraine Facility program: State Agrarian Register legislation. Its key goal is the agricultural sector’s digitalization and transparency. Adoption of the law will expand state support for entrepreneurs in the industry. L... #BankruptcyLegislation #DigitalizationOfUkraine #ReformsinUkraine #UkraineFacility #UkraineStateBanks
Ukraine simplified the privatization of state-owned banks and is preparing to reform the Accounting Chamber. The Ukrainian Parliament approved a draft law on the peculiarities of the sale of state-owned shares in the authorized capital of banks. The move expands the range of potential investors whom the stat... #AccountingChamber #imf #ReformsinUkraine #UkraineStateBanks #UkrainianParliament
UZ risks losing up to 25% of its cargo transportation after opening the market for private operators. The deputy chairman of the parliament’s Transport Committee recalls that, under the association agreement with the EU, our state undertook to reform the transport sector, particularly the railwa... #EuropeanIntegration #ModernizationUkraine #RailTransportation #ReformsinUkraine #UkrainianRailways
The IMF agrees to provide Ukraine with another $1.1B, but there are conditions. After the IMF’s Executive Board approves this agreement, Ukraine will receive another $1.1B tranche. As of the end of June, Ukraine has fulfilled all quantitative criteria and structural beacons... #GavinGray #imf #IMFStructuralBeacons #ReformsinUkraine #Ukrenergo
At the request of the World Bank, Ukraine changed the conditions for the sale of state-owned banks: The state’s share in the sector must decrease. The Parliament of Ukraine adopted a draft law on the peculiarities of the sale of state-owned shares in the authorized capital of banks. The draft law modifies the rules for the sale of state banks, a... #ReformsinUkraine #UkraineStateBanks #UkrainianBanks #worldbank
The business community offers an alternative to increasing taxes in Ukraine. Members of the European Business Association hope that instead of drafting laws to raise taxes for businesses, the government can find other solutions to fund the budget, as the entire burden of the p... #EBA #ReformsinUkraine #TaxesUkraine #UkraineBudget2024 #UkraineBudgetDeficit #ukrainianbusiness
The EU grants Ukraine €4.2B under the Ukraine Facility, and the budget will receive almost the same amount by the end of the year. Ukraine received €4.2B for implementing nine indicators in the second quarter of 2024, which were provided by the Plan of Ukraine within the framework of the Ukraine Facility. The tranche consists of ... #GrantForUkraine #InternationalAid #ReformsinUkraine #SupportUkraine #UkraineFacility
US Treasury: Budgetary support for Ukraine depends on reforms. US Treasury Secretary Janet Yellen stated: “Our direct budget support for Ukraine continues to depend on reforms that will further strengthen the stability of Ukraine’s economy and improve... #InternationalAid #JanetYellen #ReformsinUkraine #SupportUkraine #USA
Ukraine needs to reduce the size of its shadow economy to continue receiving help from Western partners. As FT writes, Ukrainian authorities are trying to improve the country’s financial condition by implementing several scenarios simultaneously, which can be called a mixture of debt restructuring,... #AmChamUkraine #ForeignInvestor #ReformsinUkraine #UkraineBudget #UkraineEconomy #UkraineShadowEconomy
The Council of the EU approved almost €4.2B through the Ukraine Facility for Ukraine. The EU Council concluded that Ukraine had fulfilled the necessary conditions and implemented the required reforms that were established in the plan as prerequisites in order to receive the first regul... #EUCouncil #EuropeanIntegration #ReformsinUkraine #SupportUkraine #UkraineFacility
The parliament prepared customs reform at the IMF’s request. Restarting the State Customs Service is one of the IMF’s beacons and a priority for Ukrainian businesses and international partners. It is proposed that customs be reformed by restarting the Bur... #CustomsUkraine #imf #IMFStructuralBeacons #ReformsinUkraine
The US proposes a plan for Ukraine’s economic recovery. During her last visit to Kyiv as the US Special Representative for Ukraine’s Economic Recovery, Penny Pritzker evaluated the concept of Ukraine’s economic recovery and announced five components ... #EuropeanIntegration #investments #PennyPritzker #ReformsinUkraine #UkraineEconomy #UkraineRecovery
The Ministry of Finance has updated the Reform Matrix; Ukraine has already fulfilled 108 indicators in the year’s first half. The Ministry of Finance has updated the Reform Matrix, an analytical tool used to monitor the fulfillment of the requirements of international partners in real-time. In the updated Reform Matrix, ther... #imf #ReformMatrix #ReformsinUkraine #UkraineFacility #worldbank
Ukraine has fulfilled more than 50% of the IMF’s requirements and received $10.2B from the IMF since the beginning of the war. As Minister of Finance, Serhiy Marchenko noted: “The Government of Ukraine, the National Bank of Ukraine, and other authorities have so far implemented 23 structural beacons out of 37 stipulated... #financialaidforUkraine #imf #IMFStructuralBeacons #ReformsinUkraine #SerhiyMarchenko #UkraineBudget2024
Where will Ukraine spend the $2.2B tranche recently received from the IMF? This is part of the funds provided by the $16B Extended Fund Facility (EFF) program. Prime Minister Denys Shmyhal said this will help the government finance critical budget expenditures, social assist... #DenysShmyhal #EFFprogram #financialaidforUkraine #imf #ReformsinUkraine #UkraineBudget
Ukraine will receive another $2.2B from the IMF. The Board of Directors of the IMF completed the fourth review of the Extended Fund Facility for Ukraine (EFF), deciding to allocate about $2.2B to budget support. “Despite the difficult conditio... #EFFprogram #financialaidforUkraine #imf #IMFStructuralBeacons #ReformsinUkraine #UkraineEconomy
The IMF has updated its memorandum with Ukraine; most conditions have been met, but new beacons have been added. Ukraine has already fulfilled 23 of the 37 requirements involving reforms and legislation changes. Among them are two new ones: changing the Criminal Procedure Code by the end of October to allow the ... #imf #IMFStructuralBeacons #LegislationUkraine #NABU #PrivatizationUkraine #ReformsinUkraine
The government has approved an energy development plan that is required to join the EU. The Cabinet of Ministers approved the National Energy and Climate Plan (NECP) for the period until 2030. The plan coordinates environmental, energy, and economic policies for Ukraine’s sustainab... #DecarbonizationUkraine #EuropeanIntegration #ReformsinUkraine #UkraineEnergy #YuliyaSvyridenko
IFC: Liberalization of energy prices is needed to unlock $97B in energy investment. The top manager of the International Finance Corporation (IFC) of the World Bank Group, Ines Rocha, said: “Reforms in the energy sector, including the liberalization of energy prices, are of key... #EnergyEfficient #EnergyIndependence #energyukraine #ifc #InesRocha #ReformsinUkraine #RESinvestments
The US and Ukraine have signed a security agreement in Italy, sending a strong signal to Russia. The bilateral security agreement signed between the US and Ukraine guarantees military support for Ukrainian forces both now and in the future and serves as a signal to Putin that America is ready to ... #JakeSullivan #ReformsinUkraine #SecurityAgreement #SupportUkraine #WarinUkraine #WeaponsforUkraine
The EC forecasts Ukraine’s GDP growth to be 6.2%, subject to the implementation of the Ukraine Plan for the Ukraine Facility program. This forecast was shared by Marlene Madsen, a top European Commission official, during URC2024 in Berlin. According to her, the selection and schedule of crucial reforms are very important. Emphasis s... #GDPinUkraine #MarleneMadsen #ReformsinUkraine #UkraineEconomy #UkraineFacility #URC2024
Ukraine needs an external financing plan until 2027. To overcome macroeconomic risks and maintain macroeconomic stability, Ukraine and its partners from the Donor Coordination Platform must develop a long-term strategy for external financing and support... #financialaidforUkraine #ReformsinUkraine #UkraineBudget2024 #UkraineEconomy #UkraineRecovery
Ukraine agrees on the next steps with the IMF mission and expects three more tranches totaling $4.5B this year. The Ukrainian government has synchronized with the mission of the IMF in further joint steps to restore economic growth and carry out reforms. The key areas are the restoration and decentralization of... #EFFprogram #imf #ReformsinUkraine #UkraineFacility
The US notes the positive economic impact of the reforms Ukraine has implemented; an influx of multibillion-dollar investment is expected. The US welcomes Ukraine’s adoption of a law to improve corporate governance, US Ambassador to Ukraine Bridget Brink said at a conference on corporate reform. “Ukraine has successfully implemente... #BridgetBrink #InvestmentsinUkraine #OleksiySobolev #ReformsinUkraine #UkraineEconomy
Germany believes in Ukraine’s victory and has already collected almost €1B to strengthen its air defense. During a visit to Kyiv on May 21, German Foreign Minister Annalena Baerbock said: “Our support is based on a deep belief that Ukraine will win this war. Germany, along with many other countries ... #AirDefenseSystems #AnnalenaBaerbock #EuropeanIntegration #ReformsinUkraine #UkraineEU #VictoryUkraine #WarinUkraine
The EU plans to begin negotiations on Ukraine’s accession in June and is counting on effective anti-corruption efforts. The head of the EU Consultative Mission in Ukraine, Rolf M. Hay Pereira Holmboe, said that negotiations on Ukraine’s accession to the EU can begin in June. He emphasized that the most difficult ... #AssociationwithEU #EuropeanIntegration #fightingcorruption #ReformsinUkraine #UkraineEU
Kyiv and Washington are negotiating lending terms for a $7.8B loan for Ukraine. Ukraine and the US are working on a list of conditions and reforms, the fulfillment of which will allow Kyiv to receive a $7.8B loan. US legislation that will provide Ukraine with almost $61B in finan... #LoansForUkraine #ReformsinUkraine #SupportUkraine #UkraineBudget2024 #USaidforUkraine
After EU ambassadors voice their support for the Ukraine Facility, Ukraine looks to receive €16B in funding for 2024. Ambassadors of the EU member states have supported the Ukraine Facility, agreeing with the positive assessment of the financial support instrument proposed by the EC. The EU Council must still approve... #EUfinancialAid #ReformsinUkraine #UkraineFacility #YuliyaSvyridenko
Each delayed reform within the framework of the Ukraine Facility will cost Ukraine $400M. Deputy Minister of Economy Oleksiy Sobolev voiced this prediction at the presentation of the Monitoring of the Implementation of the Conditions of the IMF Program and Support from the EU. According to... #imf #OleksiySobolev #ReformsinUkraine #SupportUkraine #UkraineFacility #worldbank
Ukraine may lose out on EU funds if reforms are not fulfilled. The €50B EU Ukraine Facility program will contain about 140 indicator conditions. The main areas of reforms in the program will be state administration, state finances, the justice system, and the fig... #EUfinancialAid #ReformsinUkraine #SupportUkraine #UkraineFacility
Ukraine approves the capital market reform that is necessary for a World Bank loan. The Ukrainian Parliament adopted a law regulating and supervising capital markets and organized commodity markets in general. “This is an important European integration law, which is also a beac... #CapitalMarket #IrynaGerashchenko #ReformsinUkraine #UkrainianParliament #worldbank
The IMF has created a trust fund to attract $65M to support reforms in Ukraine. The IMF has announced the official opening of a Ukraine Capacity Development Fund (UCDF) to support economic and financial reforms in Ukraine over the next five years. The fund’s goal is to attr... #imf #ReformsinUkraine #SupportUkraine #TrustFund #UCDF
The US announced its main anti-corruption tasks to attract investments in Ukraine. Ukraine constantly needs to invest in the fight against corruption – the government and citizens must monitor each other to achieve the necessary standards, said the US special representative fo... #Anticorruption #InvestmentsinUkraine #PennyPritzker #ReformsinUkraine #UkraineEconomy #UkraineFightingCorruption
Ukraine will become the eastern customs border of the EU and is already implementing the necessary reforms. As part of a reform of customs policy, the National Revenue Strategy plans to implement essential steps for customs transformation into the eastern customs of the EU. This goal is part of a broader st... #CustomsReform #CustomsUkraine #ReformsinUkraine
The Ministry of Finance is inclined to reform Ukraine’s simplified taxation system following the Polish model. According to the Deputy Minister of Finance, Svitlana Vorobey, “We took the Polish taxation system of small and medium-sized businesses as a basis. Poland has a differentiated system, with rates rangi... #ReformsinUkraine #SvitlanaVorobey #UkraineTaxation #UkraineTaxSystem
Taxes, customs, finance, and budget: the Ministry of Finance implemented 46% of all EU legal acts in Ukraine. The Ministry of Finance fully implemented 742 acts, 46% of the total number of acts of EU law implemented by Ukraine, preparing for negotiations to join the EU. The Ministry of Finance is responsible ... #EKrecommendation #EuropeanIntegration #ReformsinUkraine #UkraineCustoms #UkraineTaxSystem
The Ukrainian Parliament adopts several laws necessary for starting negotiations on joining the EU. To fulfill the EC’s criteria for the opening of negotiations on Ukraine’s accession to the EU, Ukraine’s parliament approved a draft law on increasing the resources of the National Anti-Corrupti... #AssociationwithEU #NABU #NACP #ReformsinUkraine #SAPO #UkrainianParliament
Another stage of land market reform in Ukraine will start in a month: the government provides its price forecast. Beginning January 1, 2024, legal entities, i.e., holdings that currently rent land, will be able to buy agricultural land. However, the Minister of Agrarian Policy, Mykola Solsky, believes that the pr... #agroukriane #FarmLandSale #LandMarketUkraine #MykolaSolsky #ReformsinUkraine
Ukraine has fulfilled most IMF and EU structural beacons on time, but there are some delays. During the nine months of the IMF program, requirements have been met for 16 of the IMF’s 23 structural beacons and eight of the 20 conditions under the EU program. The country has neither fulfilled n... #EKrecommendation #imf #IMFStructuralBeacons #ReformsinUkraine
Ukraine approves a plan for reforms necessary to join NATO. The Commission on European and Euro-Atlantic Integration approved the draft of the adapted Annual National Program (ANP) for 2024. This document defines the criteria for Ukraine’s eligibility fo... #AssociationwithNATO #OlgaStefanishyna #ReformsinUkraine #UkraineNATO
Ukraine is adapting trade protection legislation to comply with EU regulations, which will strengthen protection for its producers. The Cabinet of Ministers approved the drafts of three laws that adapt Ukrainian legislation in the field of trade protection to EU regulations. The first draft law, On Protective Measures, proposes a ... #ReformsinUkraine #UkraineImport #UkraineTrade #UkrainianEnterprises
