Ukraine: First Review Under the Stand-By Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, and Rephasing of Purchases Under the Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion

International Monetary Fund

No 2009/173, IMF Staff Country Reports from International Monetary Fund

Abstract: Ukraine’s economic downturn has been sharper than originally envisaged, mostly reflecting the deterioration of the external environment. The staff report examines Ukraine’s first review under the Stand-By Arrangement, requests for Waivers of Nonobservance of Performance Criteria, and Rephasing of Purchases Under the Arrangement. A flexible exchange rate policy, supported by base money targets and a transparent intervention strategy, remains a key component of the program. Given balance sheet effects associated with unhedged foreign currency borrowing, the central bank stands ready to take action to avoid excessive exchange rate depreciation.

Keywords: ISCR; CR; Rephasing of purchase; requests for waivers of nonobservance of performance criteria; request; nonobservance; waiver; NBU refinancing; bank recapitalization program; NBU resolution; Exchange rates; Exchange rate flexibility; Currencies; Global (search for similar items in EconPapers)
Pages: 76
Date: 2009-06-02
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