IMF approves $1.1 billion tranche for Ukraine, sets conditions for reforms

The International Monetary Fund mission has approved the allocation of a $1.1 billion tranche to Ukraine. Tax evasion, restoring the independent supervisory board of Ukrenergo, and conducting auditing from the National Anti-Corruption Bureau of Ukraine are among the further conditions of the organization to receive the funding, according to Ekonomichna Pravda. Earlier, the mission's representatives, who have worked in Kyiv since 4 September, agreed on a positive review of Ukraine's four-year financing program and the allocation of the next $1.1 billion tranche.

"Ukraine has met all criteria as well as structural benchmarks as of the end of June, which were necessary for this review," said Gavin Gray, head of the IMF mission in Ukraine.

The IMF has not imposed specific demands regarding taxation in Ukraine. The mission head noted that Ukrainian authorities must close existing tax evasion opportunities and fight the shadow economy, which can be implemented in line with the National Revenue Strategy.

"The legislation on reforming the Customs Code should confirm the central role of the Finance Ministry in overseeing customs. Reliable mechanisms for selecting a permanent head of Customs Service and other key leadership positions within the body should also be established," Gray said.

He also highlighted short-term priorities such as creating a new High Administrative Court, reforming the Accounting Chamber, and conducting the first external audit of the National Anti-Corruption Bureau. The restoration of the independent supervisory board of Ukrenergo is expected to occur by the end of December. Related:

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