IMF mission for seventh review of EFF arrangement to begin in late Feb
The International Monetary Fund (IMF) mission for the seventh review of the Extended Fund Facility (EFF) will take place in late February, the fund's resident representative in Ukraine, Priscilla Toffano, said during the presentation of the monitoring of the implementation of the IMF arrangement conditions and the Ukraine Plan, initiated by the RRR4U consortium.
She shared the plans of the mission in Kyiv on Thursday, stating that they would discuss new conditions, key priorities for the single project pipeline process within the budget declaration for 2026-2028, as well as the annual budget for the following year.
Toffano noted that during the next mission, the Fund also plans to assess the action plan for public investment management reform.
And the Fund will review progress in implementing the action plan to strengthen the medium-term fiscal framework, she emphasized.
According to Toffano, the IMF considers public investment management reform in conjunction with other closely related areas.
Toffano explained that, for example, capital budgeting and medium-term budget planning were important, given that large investment projects would take place over several years. She also mentioned that capital market reform was necessary, as capital markets must be prepared to finance complex projects at both central and local levels.
If Ukraine successfully passes the 7th review of the EFF arrangement, the budget will receive $917.54 million.
During the presentation, it was noted that Ukraine has violated the implementation of two structural benchmarks - the adoption by the Verkhovna Rada of laws by the end of 2024 to repeal the so-called "Lozovy amendments" and to create the Supreme Administrative Court to replace the liquidated Kyiv District Administrative Court. The Ukrainian government registered relevant bills No. 12367 and No. 12368 in parliament only at the end of December; they have not yet been adopted even as a basis.
The memorandum states that one of the bills provides for amendments to the Criminal Procedure Code, which will allow the Specialized Anti-Corruption Prosecutor's Office to manage requests for extradition and mutual legal assistance, as well as rationalize the consequences of the expiration of pretrial investigation periods (in particular in corruption cases), which will negate the effect of the "Lozovy amendments."
The second envisages the adoption of a law on the creation of a new court that will hear administrative cases against national government bodies (the Cabinet of Ministers, the NBU, the NABU, and the NACP) by judges who have undergone proper testing for professional competence and integrity.