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26.07.2018 | 12:31

Financial Stability Board: cooperation with IMF shall be resumed

Members of Financial Stability Board also agreed to strengthen coordination of fiscal and monetary policy.

Financial Stability Board of Ukraine, which unites Ministry of Finance, National bank of Ukraine and other financial regulators, emphasizes on necessity to renew cooperation of the country with the International Monetary Fund. 

It was reported in the release of the Board on the meeting on July 20. 

"Implementation of structural reforms that are provided in the cooperation program with the IMF is extremely important for macrofinancial stability of Ukraine and access to funds of the IMF and other international partners," the release states. 

Teh Board members also agreed on necessity to strengthen coordination of fiscal and monetary policy. 

"The National Bank of Ukraine noted about intention to avoid all forms of fiscal domination including direct or indirect support of budget expenditures. The Ministry of Finance noted the necessity to activate cooperation with the NBU in the context of coordination initiatives in fiscal and monetary policies," the document says. 

Members of the Board also supported the necessity of further reforms implementation to ensure price and financial stability. 

Member of the Board also discussed NPLs problems in the state-owned banks and supported the proposal of the Ministry of Finance to solve the problem and create Independent Council on Problem Indebtedness under the Board. 

Besides, the Board considered and agreed the proposed Action Plan to Regulate the Fund's Debt Burden that was proposed by the Deposit Guarantee Fund. The plan is intended also to avoid further potential insolvency of the Fund. 

Recall, since June 2017, Ukraine has been negotianing the gas issue with the IMF. The Fund insists on gas price increase for citizens that could reach from 30% to 60% and depend on price growth in international markets meanwhile Prime Minister thinks such price increase as unreasonable. 

As to the source in the government, Ukrainian side has already proposed the IMF about 8 options to change gas price formula which could let to avoid increase up to impractical amount for ordinary citizens as the Fund insists. 

The Fund has har-line stance as the government adopted the law on gas price increase which permitted Ukraine to receive the tranche. Later the government on an ex parte basis refused to execute it. 

On June 19, 2018, the IMF Managing Director Christine Lagarde said that gas price prerequisition is crucial for current revision of the IMF program. 

As to her, two other prerequisites - amendments to the recently adopted law on High Anti-corruption Court and compliance with the state budget threshold. 

On July 12, the Parliament amended the legislation on the High Anti-corruption Court.

References in the article: ukraine, imf, finance ministry, nbu, financial stability board
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