Ukraine and the International Monetary Fund have reached a working agreement on the content of the Memorandum on Economic and Financial Policy.
This is an important step towards finalizing the third review of the IMF Extended Funding Facility (EFF) and granting the next tranche to Ukraine equal to USD 1 billion which shall be used to increase the reserves of the National Bank of Ukraine. The reached agreement with the IMF is a proof that Ukraine is making progress in implementing its reform agenda agreed with the IMF.
The new Memorandum will contain the description of the policy and strategy which Ukraine is going to stick to in the next EFF period in 2017 and 2018.
The Extended Funding Facility is aimed to ensure the economic growth of Ukraine through the implementation of structural reforms. In the end of the EFF Ukraine shall have pre-conditions for independent economic development.