Three years of reporting, funded by our readers — become a member now and help us prepare for 2025.
Goal: 1,000 new members for our birthday. Gift a membership to your friend and help us prepare for what 2025 might bring.
Become a member Gift membership
Skip to content
Edit post

Zelensky signs budget bill in line with IMF program

by Martin Fornusek August 18, 2023 10:18 PM 2 min read
President Volodymyr Zelensky in his office in Kyiv, Ukraine. (Presidential Office's press service)
This audio is created with AI assistance

President Volodymyr Zelensky has signed a bill designed to ensure the predictability of budget policy and to strengthen debt sustainability, lawmaker Yaroslav Zhelezniak announced 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 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 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 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 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…
Three years of reporting, funded by our readers.
Millions read the Kyiv Independent, but only one in 10,000 readers makes a financial contribution. Thanks to our community we've been able to keep our reporting free and accessible to everyone. For our third birthday, we're looking for 1,000 new members to help fund our mission and to help us prepare for what 2025 might bring.
Three years. Millions of readers. All thanks to 12,000 supporters.
It’s thanks to readers like you that we can celebrate another birthday this November. We’re looking for another 1,000 members to help fund our mission, keep our journalism accessible for all, and prepare for whatever 2025 might bring. Consider gifting a membership today or help us spread the word.
Help us get 1,000 new members!
Become a member Gift membership
visa masterCard americanExpress

News Feed

3:44 PM

Russian ICBM strike would be 'clear escalation,' EU says.

"While we're assessing the full facts, it's obvious that such (an) attack would mark yet another clear escalation from the side of (Russian President Vladimir Putin," EU foreign affairs spokesperson Peter Stano said, according to AFP.
1:40 PM

Merkel describes Trump as 'fascinated by Putin' in her memoir.

"(Donald Trump) saw everything from the point of view of a property developer, which is what he was before he came into politics. Every plot of land could only be sold once, and if he didn't get it, someone else would," Angela Merkel says in her memoir.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.