Ukraine : Request for Stand-by ArrangementStaff Report; Supplement; Staff Statement; Press Release; and Statement by the Executive Director for Ukraine.
Title:
Ukraine : Request for Stand-by ArrangementStaff Report; Supplement; Staff Statement; Press Release; and Statement by the Executive Director for Ukraine.
Author:
European Dept., International Monetary Fund.
ISBN:
9781475530216
Personal Author:
Physical Description:
1 online resource (127 pages)
Series:
IMF Staff Country Reports
Contents:
Cover -- CONTENTS -- CONTEXT -- BUILD UP OF IMBALANCES AND VULNERABILITIES BEFORE THE CRISIS -- RECENT DEVELOPMENTS AND CHALLENGES -- POLICY DISCUSSIONS -- A. Program Objectives and Strategy -- B. Macroeconomic Framework -- C. Monetary and Exchange Rate Policy -- D. Financial Sector Policy -- E. Fiscal Policy -- F. Energy Sector Reforms -- G. Reforms for Better Governance and Transparency -- RISKS TO THE PROGRAM -- A. Risks to Macroeconomic Outlook -- B. Risks to Program Implementation -- C. Strategy for Mitigating Program Risks and Uncertainties -- PROGRAM MODALITIES AND CAPACITY TO REPAY -- A. Access and Phasing -- B. Exceptional Access Criteria -- C. Capacity to Repay the Fund -- D. Program Monitoring and Conditionality -- STAFF APPRAISAL -- BOXES -- 1. Ukraine's Dire Energy Finances -- 2. Balance Sheet Impact of Currency Depreciation -- 3. Exchange Rate and Reserve Adequacy Assessment -- 4. Energy Sector Reforms -- 5. Ukraine's Connectedness with Russia -- 6. Proposed Stand-By Arrangement -- FIGURES -- 1. Real Sector Indicators, 2009-14 -- 2. Inflation, Monetary, and Exchange Rate Developments, 2009-14 -- 3. External Sector Developments, 2008-14 -- 4. Debt and Rollover of Debt, 2008-13 -- 5. Financial Sector Indicators, 2009-14 -- 6. Economic Indicators during Past Emerging Market Currency Crises, 1990-2014 -- TABLES -- 1. Program Scenario-Selected Economic and Social Indicators, 2011-19 -- 2. Program Scenario-General Government Finances, 2011-19 -- 3. Program Scenario-Balance of Payments, 2011-19 -- 4. Program Scenario-Gross External Financing Requirements, 2011-19 -- 5. Program Scenario-Monetary Accounts, 2011-19 -- 6. Financial Soundness Indicators for the Banking Sector, 2009-13 -- 7. Indicators of Fund Credit, 2012-19 -- ANNEXES -- I. Public Debt Sustainability Analysis -- II. External Debt Sustainability Analysis -- APPENDIXES.
Letter of Intent -- ATTACHMENTS -- I. Memorandum of Economic and Financial Policies -- II. Technical Memorandum of Understanding -- CONTENTS -- INTRODUCTION -- BACKGROUND -- THE NEW STAND-BY ARRANGEMENT-RISKS AND IMPACT ON FUND'S FINANCES -- A. Risks to the Fund -- B. Impact on the Fund's Liquidity Position and Risk Exposure -- ASSESSMENT -- FIGURES -- 1. Debt Ratios for Recent Exceptional Access Arrangements -- 2. Credit Outstanding in the GRA around Peak Borrowing -- 3. Peak Fund Exposure and Debt Service Ratios for Recent Exceptional Access Cases -- 4. Exceptional Access Levels and Credit Concentration -- TABLES -- 1. Proposed SBA-Access and Phasing -- 2. IMF Financial Arrangements and Fund Exposure, 1994-2021 -- 3. External Debt Structure, 2005-2013 -- 4. Capacity to Repay Indicators -- 5. Impact on GRA Finances.
Abstract:
EXECUTIVE SUMMARYStand-By Arrangement. In the attached letter, the Ukrainian authorities describe their economic and financial policies for which they request a 24-month SDR 10.976 billion (800 percent of quota, about US17.1 billion) Stand-By Arrangement involving exceptional access. An initial purchase of SDR 2.058 billion will become available on approval, with SDR 1.290 billion being allocated to budget support. The second and third purchases will be based on bi-monthly reviews and performance criteria, and the remainder will be subject to quarterly reviews.Policies. Key objectives of the authorities' program are to restore macroeconomic stability, strengthen economic governance and transparency, and lay the foundation for robust and balanced economic growth. To achieve this, the government will implement immediate measures aimed at securing stability, combined with deeper reforms to achieve and sustain external sustainability, ensure financial stability, restore sound public finances, rationalize the energy sector, and improve the business environment.Successful and timely implementation of these policies will unlock sizable official financing already committed to Ukraine and catalyze private inflows. To underscore their commitment to program policies and objectives, the authorities have adopted a number of key measures as prior actions.Discussions. During March 426, 2014, staff met with Acting President Turchinov, Prime Minister Yatseniuk, Governor of the National Bank of Ukraine Kubiv, Minister of Finance Shlapak, Minister of Economy Sheremeta, Minister of Energy Prodan, Minister of Labor and Social Policies Denissova, other senior officials, ambassadors, and representatives of the trade unions, banking, and business community. The mission also met with presidential candidates, the Maidan Council, and other politicians.Political
assurances. Staff met three leading presidential candidates and representatives of several key political parties and civil society organizations, who expressed their agreement with key program objectives and policies.Publication. The Ukrainian authorities authorized the Fund to publish the staff reportand the LOI/MEFP.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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