IMF mission reports progress and prolongs its stay in Kyiv

An IMF mission has achieved significant progress in its negotiations with the Ukrainian government, according to a Fund press release on March 20. “Our cooperation with the Ukrainian authorities has been excellent,” said Nikolay Gueorguiev, the mission head, according to the press release. Still he added that “additional work needs to be completed to advance program discussions.” In light of this, the mission will stay in Kyiv until March 25, after initially planning to stay until March 21. The IMF mission has been working in Kyiv since March 4.

Alexander Paraschiy: This message is in line with our expectations that the Cabinet is committed to radical reforms being required by the IMF. The economic situation is desperate and the government has hardly any alternative except for “shock therapy.” We expect to see the agreement signed next week and the first wire from the Fund to arrive promptly.