G7 Ambassadors Remind Ukraine’s PM About Conditions for IMF SBA and EU Assistance

G7 Ambassadors met with Prime Minister of Ukraine Denys Shmyhal. The importance of meeting the conditions for the IMF stand-by arrangement and EU macro-financial assistance was raised during the conversation.

“G7 Ambassadors met PM Denys Shmyhal yesterday for a wide-ranging discussion. They reaffirmed support for Ukraine’s reform efforts and the importance of meeting the agreed conditions for the IMF stand-by arrangement and EU Macro-Financial Assistance,” reads the statement posted on the Twitter account of the UK Presidency of the G7 Ambassadors’ Support Group in Ukraine.

Moreover, G7 Ambassadors acknowledged “the ongoing challenges of COVID-19.” During the meeting, the reform of Ukraine’s military industrial complex and the importance of good governance across the full range of economic activity were discussed. In particular, G7 Ambassadors encouraged Ukraine’s further contribution to global action on climate change.

As a reminder, the other day the Cabinet of Ministers stated that they considered it essential to resume cooperation with the IMF by the middle of this year, otherwise Ukraine would lose the second tranche of EU macro-financial assistance worth EUR 600 million.

Brussels transferred the first half of the sum without additional conditions in December 2020. To receive the next 600 million, Ukraine must implement a number of reforms.

Bohdan Marusyak