Ukraine's Finance Ministry has welcomed the completion of negotiations with the mission of the International Monetary Fund (IMF) that worked in Ukraine from May 10 to May 18 to discuss the second review of the Extended Fund Facility program, and stated the parties have agreed on the key issues for further reforms to obtain $1.7 billion of the next tranche.
"For the IMF executive board to successfully review the EFF program in July 2016, Ukraine needs to strengthen its efforts to secure financial stability, improve transparency and rule of law," reads a report by the Ministry of Finance.
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The agency noted the successful review of the program by the IMF would enable Ukraine to get the next tranche, which will be aimed at increasing National Bank reserves, strengthening and stabilizing the national currency, creating a stable and predictable investment and business climate, as well as stimulating economic growth.
"These were difficult but constructive negotiations. We've shown the government team is strong and focuses on reforms. We are reliable partners for organizations that support us on the way of changes," Minister of Finance Oleksandr Danyliuk said about the talks on his Facebook page.