13:18 29.06.2024

IMF program includes benchmarks of customs reform, revision of 'Lozovy edits'

2 min read
IMF program includes benchmarks of customs reform, revision of 'Lozovy edits'

The adoption by October of this year of amendments to the Customs Code on the reform of the State Customs Service and amendments to the Criminal Procedure Code on the rights of the Specialized Anti-Corruption Prosecutor's Office (SAPO) for extradition and revision of the so called “Lozovy edits” became two new structural benchmarks in the updated EFF program of the International Monetary Fund.

According to the document published on the fund’s website on Saturday night following the fourth review of the EFF program, the deadlines for the implementation of three more benchmarks were also postponed: an audit of finances and debts of heating district companies - from the end of June to the end of October, an assessment of the effect of existing tax privileges - from the end of July to the end of September 2024 and the creation, instead of the Kyiv District Administrative Court, of a new administrative court to consider disputes with government agencies such as the NBU, the NABU or the NACP - from the end of July to the end of December. It is indicated that the new court will also consider administrative proceedings related to the procedures of selection commissions with independent experts.

As for the next fifth review, planned for the end of September, the benchmark for the adoption of the law on rebooting the Economic Security Bureau of Ukraine by the end of June has already been fulfilled.

By the sixth review at the end of the year, the updated program also contains benchmarks for identifying the state-owned companies most affected by the war with an assessment of fiscal risks, the completion of an external audit of the effectiveness of the NABU with the participation of independent experts (by the end of September), a diagnostic review of the pre-war practice of preparing the medium-term budget and the development of a state property policy, dividend privatization policy and strategy (until the end of October).

By the end of December 2024, the foundations for the rehabilitation of banks must also be prepared, a resolution of the Cabinet of Ministers must be adopted with an action plan and deadlines for establishing a clear connection between medium-term budget planning and capital expenditures, vesting the Ministry of Finance with supervisory powers, and the introduction of a methodology for assessing supervisory risks to inform about the priorities of supervisory activities.

AD
AD
AD
AD