Published: October 26, 2009
Ukraine's further access to its US$16.4bn emergency loan from the IMF depends on a change in policy, including the veto of a new law that would see wages increase, says the fund.
In a statement issued on October 25 following a mission to Ukraine to review its standby agreement, the fund said that the country’s economic and financial situation was "stabilising" but that "policy discipline and corrective actions" would be needed in some areas if the gains are to be maintained.
"The mission is now awaiting endorsement of the agreed policy package from the signatories to the program — the president, the prime minister, the minister of finance, and the governor of the National Bank — including assurances that the wage and pension law approved by Ukraine’s parliament, the Rada, this week, which is at odds with the objectives of the authorities’ program, will be vetoed," the statement said.
Ukraine has so far received three tranches of its emergency loan from the fund. The next tranche would be for US$3.4bn.