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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
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2009: Issue 173
Language:
English
Publication Date:
02 Jun 2009
DOI:
https://doi.org/10.5089/9781451839166.002
ISBN:
9781451839166
ISSN:
1934-7685
Pages:
76
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
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund