Zelensky signs budget bill in line with IMF program.

President Volodymyr Zelensky has signed a bill[1] designed to ensure the predictability of budget policy and to strengthen debt sustainability, lawmaker Yaroslav Zhelezniak announced[2] on Aug.

18. This step means the implementation of the International Monetary Fund's (IMF) 10th "structural beacon", and serves as the basis for the implementation of the 12th "beacon" on better budget predictability, better debt management, and the risk management of state guarantees, Zhelezniak wrote on his Telegram channel. The law restores stipulates that, to be considered by the parliament, budget amendments must be approved by the Finance Ministry.

The legislation also sets limits on state guarantees and resumes the development of the State Debt Management Strategy for 2024-2026, which the Finance Ministry must submit by Oct.

25, 2023. The law was backed[3] by the parliament on July 27 as part of the efforts to complete benchmarks set by the IMF's program for Ukraine. In March, the IMF approved[4] an agreement with Ukraine under the Extended Fund Facility (EFF) for four-year financing aid worth about £15.6 billion, part of an overall £115 billion package.

In a first review[5] of the program in June, the IMF said that Ukraine had made strong progress towards its commitments despite Russian aggression. According to the organization's statement, the country had met all quantitative performance criteria through end-April and structural benchmarks through end-June. Under the program, Ukraine has already received[6] around £3.6 billion disbursed by the IMF.

Browder: 'West must hand Russian Central Bank's £350 billion to Ukraine for reconstruction'

London-based American investor Bill Browder says people call him the "number one enemy" of Russian President Vladimir Putin and, more recently, an official "Friend of Ukraine." Browder has spent the last 13 years campaigning to freeze Putin's assets hidden in the West. Now, he's fighting for them t...

[7] Martin Fornusek

News Editor

Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press.

He also volunteers as an editor and translator at the Czech-language version of Ukrainer.

Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.

References

  1. ^ bill (itd.rada.gov.ua)
  2. ^ announced (t.me)
  3. ^ backed (www.unn.com.ua)
  4. ^ approved (kyivindependent.com)
  5. ^ review (kyivindependent.com)
  6. ^ received (kyivindependent.com)
  7. ^ Browder: 'West must hand Russian Central Bank's £350 billion to Ukraine for reconstruction'London-based American investor Bill Browder says people call him the "number one enemy" of Russian President Vladimir Putin and, more recently, an official "Friend of Ukraine." Browder has spent the last 13 years campaigning to freeze Putin's assets hidden in the West.

    Now, he's fighting for them t... (kyivindependent.com)

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