Opposition activists carry the Ukrainian national flag during an action of protest against the current regime in Kiev, Ukraine, Saturday, May 18, 2013. (AP Photo/Efrem Lukatsky)

17.6.2014

Dokumentation: Hilfskredite internationaler Organisationen

Überblick und Presseerklärungen

Mehr denn je droht die Zahlungsunfähigkeit, sollte die Ukraine nicht genügend internationale Kredite aquirieren können. Nicht nur die Neuregelung des Staatswesens, auch Infrastrukturmaßnahmen und die Versorgung der Bevölkerung müssen sichergestellt werden. Aktuelle Pressemitteilungen verschiedener geldgebender Organisationen illustrieren dieses Bemühen.






Presseerklärungen zu den Krediten

IMF Executive Board Approves 2-Year US$17.01 Billion Stand-By Arrangement for Ukraine, US$3.19 Billion for immediate Disbursement (30 April 2014)
The Executive Board of the International Monetary Fund (IMF) today approved a two-year Stand-By Arrangement (SBA) for Ukraine. The arrangement amounts to SDR 10.976 billion (about US$17.01 billion, 800 percent of quota) and was approved under the Fund’s exceptional access policy. The authorities’ economic program supported by the Fund aims to restore macroeconomic stability, strengthen economic governance and transparency, and launch sound and sustainable economic growth, while protecting the most vulnerable. The approval of the SBA enables the immediate disbursement of SDR 2.058 billion (about US$3.19 billion), with SDR 1.29 billion (about US$2 billion) being allocated to budget support. The second and third disbursements will be based on bi-monthly reviews and performance criteria, and the remainder of the program period will be subject to standard quarterly reviews and performance criteria. Following the Executive Board’s discussion, Ms. Christine Lagarde, Managing Director and Chair, said: “Deep-seated vulnerabilities—together with political shocks—have led to a major crisis in Ukraine. The economy is in recession, fiscal balances have deteriorated, and the financial sector is under significant stress. “Showing unprecedented resolve, the authorities have developed a bold economic program to secure macroeconomic and financial stability and address long-standing imbalances and structural weaknesses to lay a firm foundation for high and sustainable growth. The program focuses on (i) maintaining a flexible exchange rate to restore competitiveness; (ii) stabilizing the financial system; (iii) gradually reducing the unaffordable fiscal deficit; (iv) eliminating losses in the energy sector, while enhancing social safety nets; and (v) decisively breaking with problematic past governance practices. “Following the floating of the hryvnia, the authorities are committed to maintaining a flexible exchange rate regime and focusing monetary policy on domestic price stability. With Fund technical assistance, they plan to adopt inflation targeting by mid-2015. “The authorities are determined to stabilize the financial system, maintain confidence in banks, and strengthen balance sheets and financial regulation and supervision. To this end, they have launched diagnostic studies of the largest banks and started reforms which are critical to restore confidence and stem deposit outflows. “Recognizing the need for fiscal consolidation, the authorities have put in place a package of revenue enhancements and expenditure restraints. Over the program horizon, they target a structural fiscal adjustment of 2 percent of GDP, which will appropriately balance the need to keep public debt on a sustainable path while minimizing the adjustment costs to the economy. To preserve competiveness, the authorities also aim to keep the minimum wage and public wage growth in line with productivity. “The authorities plan to eliminate the large quasi-fiscal losses of Naftogaz by 2018 and strengthen the company’s transparency and governance. To this end, they have embarked on the path of meaningful, broad-based, and sustained gas and heating increases over several years, starting from May 2014. Enhancing social assistance to protect the most vulnerable from energy price adjustments is a crucial element of the reforms. In this context, it is important to reach an early agreement on repayment of accumulated arrears and the gas price dispute with Gazprom to prevent disruptions in energy trade between Russia and Ukraine. “A strong and comprehensive structural reform package is critical to reduce corruption, improve the business climate, and achieve high and sustainable growth. The authorities have already enacted a new public procurement law, reducing room for misuse of public resources. They have begun addressing governance issues in state-owned companies and are seeking recovery of stolen assets. They are also planning to build capacity to more effectively conduct enforcement of anti-money laundering and anti-corruption legislation, as well as enhance the effectiveness of the judiciary and tax administration. “Risks to the program are high. In particular, further escalation of tensions with Russia and unrest in the east of the country pose a substantial risk to the economic outlook. Steady and rigorous implementation of policy measures, while maintaining broad public support, will be critical for the program’s success and would unlock sizable international official assistance and private capital inflows. The authorities’ program is an appropriate response to present challenges and constraints and deserves strong support.”

Annex

Recent economic developments

Inconsistent macroeconomic policies pursued in recent years aggravated deep-seated vulnerabilities that made the economy susceptible to economic and political shocks and led to the second major economic crisis in six years. The pegged and overvalued exchange rate led to a deterioration of competitiveness and slower export growth. Together with a rising fiscal deficit and sizeable losses in the energy sector, this drove the current account deficit to over 9 percent of GDP in 2013 and slowed economic growth. Public debt rose to 41 percent of GDP, while external debt remained elevated at 79 percent of GDP. With significant external payments and restricted access to international debt markets, international reserves fell to a critically low level of around two months of imports. In a first important break with past policies, with mounting pressures on the hryvnia and reserves at a critically low level, the National Bank of Ukraine (NBU) allowed the exchange rate to float in February. This change in the exchange rate regime, along with increased emergency financing to the budget and the banking system, helped stabilize financial markets. Nonetheless, the economic and political environment remains uncertain. Economic activity is contracting, and international debt markets are closed. The fiscal situation is challenging, as government revenues have fallen on the back of political uncertainty and weak economic performance. The political situation in some regions of the country remains tense. Early presidential elections are scheduled for May 25, 2014.

Program Summary

The authorities’ economic reform program aims to restore macroeconomic stability, strengthen economic governance and transparency, and launch sound and sustainable economic growth while protecting the vulnerable groups in society. The program will focus on reforms in the following key areas: monetary and exchange rate policies; financial sector; fiscal policies; energy sector; and governance, transparency, and the business climate. Monetary policy will focus on domestic price stability while maintaining a flexible exchange rate regime. To this end, the authorities will initially adopt a money-based monetary framework. With IMF technical assistance, the authorities plan on adopting inflation targeting by mid-2015. Financial sector reforms will aim to maintain confidence in the financial system and strengthen the infrastructure for financial regulation and supervision. Assisted by independent diagnostic studies, the NBU will assess bank resilience to economic shocks and ensure that banks strengthen their balance sheets as necessary. In addition, the authorities will review and upgrade the regulatory and supervisory framework, and take steps to facilitate restructuring of banks’ non-performing loans (NPLs). Fiscal policy will seek to meet near-term spending obligations and gradually reduce the fiscal deficit over the medium-term. The authorities have already put in place a package of measures to stabilize revenue and start on a medium-term expenditure adjustment path that distributed the burden equitably. For 2015–16, further gradual expenditure-based fiscal adjustment—proceeding at a pace matching the economy’s speed of recovery—will aim to reduce the fiscal deficit to about 3 percent of GDP by 2016. Energy sector reforms will focus on reducing the sector’s fiscal drag and enhancing its efficiency and transparency. The objective to bring Naftogaz’s deficit to zero by 2018 will be accomplished by policies to raise its revenue and reduce costs. To this end, gradual, but meaningful and broad-based increases in the very low gas and heating retail tariffs will be accompanied by enhanced social assistance measures to mitigate the impact on the poorest. Structural and governance reforms in Naftogaz will improve its governance and reduce operational costs. Reforms to strengthen governance, enhance transparency, and improve the business climate will be critical elements of the program. Policy measures in these areas will include capacity building to reform public procurement and tax administration, strengthen anti-money laundering activities, and fight corruption. These measures will help improve the business climate and alleviate long-standing barriers to growth in Ukraine. In the current difficult environment, real GDP is expected to contract by about 5 percent in 2014 amid weak investor and consumer confidence. Inflation is expected to spike temporarily in response to the exchange rate depreciation and gas and heating tariff increases, reaching 16 percent at end-2014. The current account deficit should fall to about 4½ percent of GDP on the back of the exchange rate adjustment and subdued domestic demand. Replenished by international assistance, gross international reserves will stabilize at around 2½ months of import coverage. The currency devaluation and official borrowing (to help finance a still-wide government deficit) are expected to push public sector debt up to 57 percent of GDP and external debt to just below 100 percent of GDP. Ukraine’s economic prospects will improve in the medium-term. Real GDP growth is expected to rebound to 2 percent in 2015, rising to 4–4½ percent in the medium term. The unemployment rate, which reacts to economic recovery with a lag, will gradually decline from 8½ percent in 2014 to 7½ percent by 2016. Buoyed by the restored competitiveness, exports are projected to grow by over 6 percent a year in 2015–16. By end-2016, inflation will fall to about 6 percent and the NBU will build its international reserves to cover nearly 4 months of imports.

Quelle: http://www.imf.org/external/np/sec/pr/2014/pr14189.htm

EU: Vereinbarung über das Makrofinanzhilfeprogramm für die Ukraine (28. April 2014)

Siim Kallas, Vizepräsident der Europäischen Kommission, unterzeichnete heute die Vereinbarung über das neue Makrofinanzhilfe-Darlehensprogramm für die Ukraine im Umfang von 1 Mrd. EUR, das am 14. April vom EU-Ministerrat gebilligt wurde. Mit dem neuen Programm, das Teil des am 5. März von der Europäischen Kommission angekündigten und am 6. März vom Europäischen Rat verabschiedeten Hilfspakets ist, soll die Ukraine wirtschaftlich und finanziell im derzeitigen kritischen Entwicklungsstadium unterstützt werden. "Wie das zuvor beschlossene 610 Mrd.-Makrofinanzhilfeprogramm soll auch dieses Programm der ukrainischen Regierung dringend benötigte Mittel zur Verfügung stellen. Für das ukrainische Volk in seiner schwierigen Lage ist es – in Verbindung mit der weiteren langfristigen Finanzhilfe – ein konkretes Zeichen der Unterstützung durch die EU", so Vizepräsident Kallas. Die EU-Mittel sollen der Ukraine dabei helfen, einen Teil ihres dringenden Außenfinanzierungsbedarfs im Zusammenhang mit dem kürzlich von der ukrainischen Regierung mit Unterstützung des Internationalen Währungsfonds (IWF) erarbeiteten Stabilisierungs- und Reformprogramm zu decken. Ausgeglichen werden sollen nach Möglichkeit kurzfristige Schwächen in Zahlungsbilanz und Staatshaushalt. Bedingung für die Auszahlung der Hilfe sind spezifische in der Vereinbarung festgelegte wirtschaftspolitische Voraussetzungen sowie die erfolgreiche Umsetzung der IWF-Bereitschaftskreditvereinbarung, die voraussichtlich in Kürze vom IWF-Exekutivrat gebilligt wird. Im Mittelpunkt stehen dabei die öffentliche Finanzverwaltung und die Korruptionsbekämpfung, Reformen im Bereich Handel und Steuern, im Energie- und Finanzsektor sowie vermehrte Sozialleistungen für besonders Bedürftige. Das neue Programm von 1 Mrd. EUR wird parallel zum Programm von 610 Mrd. EUR umgesetzt, das schon 2010 gebilligt, aber wegen fehlender Voraussetzungen unter der damaligen Kiewer Regierung noch nicht freigegeben wurde.

Hintergrund

Das Makrofinanzhilfeprogramm ist ein außergewöhnliches Krisenbewältigungsinstrument der EU, das für die EU-Nachbarländer mit erheblichen Zahlungsbilanzproblemen zur Verfügung steht und die Hilfe durch den IWF ergänzt. Die als Makrofinanzhilfe gewährten Darlehen werden durch EU-Anleihen auf dem Kapitalmarkt finanziert. Die Mittel werden dann zu ähnlichen finanziellen Konditionen an die begünstigten Länder weiterverliehen. Quelle: http://europa.eu/rapid/press-release_IP-14-488_de.htm

World Bank Boosts Support for Recovery in Ukraine (22 May 2014)

WASHINGTON, May 22, 2014 – The World Bank’s Board of Executive Directors today approved three new projects for Ukraine amounting to US$1.48 billion. This new financing will be reinforced by technical assistance and policy dialogue to help drive forward the essential structural and macroeconomic reforms. “The Ukrainian authorities have developed a comprehensive program of reforms, which they are committed to undertake with support from the World Bank Group,” said World Bank Group President Jim Yong Kim. “We are stepping up our assistance to Ukraine because we want to help improve the lives of people in the country and to achieve economic recovery at a crucial time. The country’s leaders are determined to improve public services and back much-needed reforms, and we’re determined to help them.” The three projects approved by the Board today are part of the World Bank Group’s overall assistance to Ukraine announced in March this year, which aims to provide up to US$3.5 billion by the end of 2014. The US$750 million First Development Policy Loan will support high-priority reform measures to address key structural roots of the current economic crisis in Ukraine and to lay the foundation for inclusive and sustainable growth. It aims to promote good governance, transparency, and accountability in the public sector; strengthen the regulatory framework and reduce costs of doing business; and reform inefficient and inequitable utility subsidies while protecting the poor. The US$382 million District Heating Energy Efficiency Project will support 10 municipal heating utility companies across the country by helping them enhance quality of their services and carry out efficiency improvements to cut production costs as well as harmful emissions. The project includes US$50 million from the Clean Technology Fund (CTF), which provides middle-income countries with resources to use low carbon technologies. Over 3 million Ukrainians are expected to benefit from the project. The US$350 million Second Urban Infrastructure Project will provide funding for 10 participating water utilities across the country and a municipal solid waste company. It will assist the participating utilities in achieving a series of improvements in quality and efficiency of the services provided through the rehabilitation and upgrade of dilapidated water supply and wastewater infrastructure and institutional building. This will result in better access to water, wastewater and solid waste services to over 6 million citizens. The project includes US$50 million from the Clean Technology Fund (CTF). The World Bank is a major development partner of Ukraine. With these new investments, the current World Bank’s lending portfolio will amount to US$3.39 billion through 11 operations in the country. Since Ukraine joined the World Bank in 1992, the Bank’s commitments to the country have totaled over US$8.5 billion for 43 projects and programs.

Quelle: http://www.worldbank.org/en/news/press-release/2014/05/22/world-bank-boosts-support-for-recovery-in-ukraine

EBRD to step up engagement in Ukraine (27 March 2014)

Bank’s financing and technical assistance will supplement the international response and the IMF programme The European Bank for Reconstruction and Development is planning an increase in its investments in Ukraine, including a return to sovereign lending for public sector projects, as part of an international economic support package for Ukraine. The EBRD could invest around €1 billion a year over the next few years, signficantly raising its investments from the range of €550 to €750 million contemplated earlier in 2014. This increase is envisioned in the context of the response of the international community, including Ukraine’s agreement announced today with the International Monetary Fund for a macro-economic stabilisation programme. The EBRD will continue to monitor economic developments in Ukraine and will adjust its approach accordingly in support of its clients. The EBRD has a portfolio of investments in Ukraine of around €4.7 billion. While the EBRD’s emphasis on private sector projects will continue, the Bank will also return to sovereign lending for public sector investments after abstaining from pursuing them over the last 12 months. To underpin its investments in Ukraine, the EBRD will reinvigorate its Anti-Corruption Initiative, which should help to address the country’s acute problems of corruption and the unsatisfactory business climate. In the private sector, the Bank will be active in both the corporate and financial sectors, and will also provide financing for energy efficiency projects. The Bank will aim to increase its funding specifically for small and medium sized enterprises and open a new office in Lviv to strengthen its support of this essential segment of Ukraine’s economy. It will also stand ready to increase its support for trade financing, as necessary. In the public sector, the EBRD will revive its investment plans. These may include some major infrastructure projects that are critical to the recovery of the country’s economy. The EBRD expects Ukraine’s economic output to contract in 2014. The EBRD believes that the implementation of the economic and structural reforms which Ukraine has agreed with the IMF, along with the other support from the international community including our own, should eventually help return the country to economic stability and growth.

Quelle: http://www.ebrd.com/english/pages/news/press/2014/140327a.shtml; siehe auch: EBRD approves €350 million financing for Ukraine projects. Bank resumes public sector lending, provides funding facility for corporate clients (08 April 2014), http://www.ebrd.com/english/pages/news/press/2014/140408a.shtml und EBRD steps up lending to Ukraine as part of international support package. €200 million funding for roads project marks resumption of sovereign lending (06 May 2014), http://www.ebrd.com/english/pages/news/press/2014/140506b.shtml

Verpflichtungen der Ukraine im Rahmen des EU-Makrofinanzhilfeprogramms

(inoffizielle Übersetzung des Anhangs 1 im Memorandum of Understanding zwischen der Ukraine als Darlehensnehmer und der Europäischen Union als Geldgeber)

Zum Zeitpunkt der Analyse durch die Kommission, bevor sie die Entscheidung über die Zuteilung der zweiten Tranche trifft, verpflichtet sich die Regierung, die folgenden Bedingungen zu erfüllen:

Verwaltung der öffentlichen Finanzen
  • Vorbereitung und Veröffentlichung der Jahrespläne für die öffentlichen Aufträge für das Jahr 2015 durch jeden Unternehmer, der Aufträge aus öffentlichen Mitteln erhält und jeden Auftraggeber, der aus dem Staatshaushalt finanziert wird, vor dem 15. September 2014.

  • Einbringung des ersten Gesetzentwurfes "Über den Staatshaushalt der Ukraine für das Jahr 2015" in die Werchowna Rada der Ukraine und dessen Veröffentlichung (nach der Einbringung ins Parlament) bis spätestens 15. September 2014 in Übereinstimmung mit der Haushaltsordnung der Ukraine.

  • Zur Verbesserung der Transparenz des Staatshaushalts: monatliche Veröffentlichung von Informationen über die Umsetzung des Haushaltsplans in Übereinstimmung mit Artikel 28 der Haushaltsordnung der Ukraine.

  • Umsetzung des Gesetzes der Ukraine "Über die Grundsätze zur Prävention und Bekämpfung von Korruption" aus dem Jahr 2011, insbesondere der Bestimmungen des Artikels 12, der die jährliche Einreichung der Erklärung über Vermögenswerte (Immobilien, Erträge, Aufwendungen und finanzielle Verpflichtungen) durch die gesetzlich definierten Subjekte vorsieht. Die Regierung wird einen Gesetzentwurf zur Einrichtung einer unabhängigen Stelle mit ausreichenden finanziellen und personellen Ressourcen vorbereiten, um die ordnungsgemäße Umsetzung des Gesetzes zu gewährleisten.

  • Einreichung des Gesetzentwurfs zur Aktualisierung der bestehenden Rechtsvorschriften bezüglich der Rechnungskammer der Ukraine und zur Erweiterung ihrer Befugnisse insbesondere auf staatliche Unternehmen in die Werchowna Rada der Ukraine.
Handel und Besteuerung
  • Die Ukraine wird Konsultationen mit der EU und anderen WTO-Mitgliedern einleiten, um ihre Verpflichtungen im Rahmen der WTO gemäß Artikel XXVIII des GATT zu überprüfen, wodurch die Probleme, die von den Mitgliedern geltend gemacht wurden, gelöst werden sollen. Diese Konsultationen werden auch andere WTO-Instrumente wie die Beschränkungen zum Schutz der Zahlungsbilanz betreffen. Die Konsultationen sollen zu einer weiteren deutlichen Verringerung der von den Revisionsverhandlungen abhängigen Zolltarifpositionen führen.

  • Sicherstellung der rechtzeitigen Erstattung der Umsatzsteuer für alle berechtigten Ansprüche durch Geldzahlungen oder Zuteilung von Staatsanleihen.
Energiesektor
  • Zur Verbesserung der Transparenz von NAK Naftohaz Ukrainy: Vorbereitung des Jahresfinanzberichts des Unternehmens und seiner Tochtergesellschaften in den Segmenten: 1) Produktion; 2) Import / Versorgung; 3) Netzwerk- und Gasspeicher-Verwaltung in Übereinstimmung mit den International Financial Reporting Standards.
Finanzsektor

  • Vorbereitung von Normen und Regeln für systemrelevante Banken durch die Nationalbank der Ukraine und ihre anschließende Einführung noch in diesem Jahr.

  • Verbesserung der Umsetzung des Gesetzes über die Offenlegung von Bankeigentümern. Offenlegung von Informationen über die Endeigentümer durch alle Banken vor dem 1. September auf der Website der Nationalbank der Ukraine.

  • Einreichung des Gesetzentwurfs zur Änderung des Gesetzes der Ukraine "Über die Finanzdienstleistungen und die Staatsregulierung des Finanzdienstleistungsmarktes"" zur Offenlegung von Informationen in die Werchowna Rada der Ukraine.

  • Quelle: http://zakon2.rada.gov.ua/laws/show/984_004/paran81#n81

    Verpflichtungen der Ukraine im Rahmen des IWF-Programms

    Access: SDR 10.976 billion (800 percent of quota or US$17.1 billion).

    Length: 24 months.

    Phasing: SDR 2.058 billion will become available upon the Board’s approval of the arrangement, with the domestic currency counterpart of SDR 1.290 billion (about US$2 billion) to be used to finance the government’s budget deficit. The second and the third tranches equal to SDR 914.67 million each and the fourth tranche equal to SDR 914.66 million are contingent upon completion of reviews based on end-May, end-July and end-September 2014 test dates. The fifth, sixth, seventh, and eighth tranches will equal SDR 1.372 billion and are contingent upon completion of quarterly reviews based on targets starting from end-December 2014. The last tranche contingent upon completion of the eighth review (targets for end-December 2015) will equal SDR 686 million.

    Conditionality.

    Prior Actions

  • The NBU will adopt a regulation specifying that the official exchange rate is calculated as a weighted average of rates on the same day’s interbank transactions.

  • The NBU will instruct the largest 35 banks to launch diagnostic studies on the basis of end-December 2013 data and terms of reference developed by the NBU.

  • The NBU will repeal Resolution 109 and announce a specific timetable, agreed with IMF staff, for gradually unwinding banks’ net open foreign exchange positions, beginning May 1, 2014 and concluding in 20 months.

  • Government will approve a package of revenue and expenditure measures yielding at least UAH 45 billion and implement them by passing a supplementary budget.

  • Parliament will pass a new public procurement law to strengthen governance and checks and balances, including reducing exemptions from regular competitive procedures.

  • Parliament will pass a reversal of the already introduced VAT rate reduction in 2015 and keep the rate at 20 percent.

  • Parliament will pass an extension until October 1, 2014 in the recently expired VAT exemption regime for grain exporters.

  • The gas price regulator NERC will adopt and officially publish a decision to raise end-user gas tariffs for households by 56 percent, effective May 1, 2014. Similarly, the utility price regulator NURC will adopt decisions to raise the heating tariffs for households by 40 percent on average, effective July 1, 2014.

  • The decision and schedule for tariff increases through 2017 will be publicly announced, where the schedule will include the following: (i) in 2015, raise end-user gas and heating tariffs by 40 percent on average, effective May 1; and (ii) thereafter, raise these tariffs by 20 percent on average in each of 2016 and 2017, effective May 1.

  • Parliament will pass legislation to vest NURC with the exclusive authority to set heating tariffs in the country.

  • Government will approve a decision to introduce a new social assistance scheme to compensate the increase in the gas and heating tariffs for the most vulnerable.

  • The NBU Council will establish an independent audit committee with a well-defined mandate to provide close oversight of the financial reporting, audit processes and system of internal controls at the NBU.
  • Quantitative and Continuous Performance Criteria

  • Floor on net international reserves

  • Ceiling on net domestic assets

  • Ceiling on the cash deficit of the general government

  • Ceiling on cash deficit of the general government and Naftogaz

  • Ceiling on publicly guaranteed debt

  • Non-accumulation of external debt payments arrears by the general government

  • Quantitative Indicative Targets

  • Ceiling on monetary base

  • Ceiling on VAT refund arrears

  • Structural Benchmarks
  • Complete diagnostic studies and review of business plans for the 15 largest banks.

  • If existing fit and proper shareholders are unwilling or incapable of recapitalizing in full a weak bank, public funds could be used to bring it back into solvency, according to strict criteria. Government and the NBU will reach agreement with IMF staff on these criteria.

  • The government should be prepared to manage its financial sector shareholdings in the event that it is called on to use public funds—and to this end, a specialized unit will be set up at the Finance Ministry.

  • After discussion within government and with the private sector, we will prepare a proposal for the reform of VAT in agriculture with a view to bringing the regime in this sector closer to the general VAT regime.

  • To provide an accurate picture of Naftogaz finances, Naftogaz will launch a tender by April 3 to conduct audits of Naftogaz operations, led by an external auditor. The auditor will be in place within 60 days of the tender. The results of the audits will be shared with the IMF within 30 days of each period, initially on a monthly basis beginning with data for end-May 2014, and then on a quarterly basis for end-September data forward.

  • To strengthen payment discipline for the heating sector, Parliament will pass legislation that will make distribution accounts fully operational and mandatory for utility payments.

  • A comprehensive diagnostic study to be completed in close consultation with IMF staff prior to the first review will cover the anti-corruption framework, the design and implementation of key laws and regulations that may have impact on the business climate, the effectiveness of the judiciary, and tax administration.

  • Quelle: “Box 6. Proposed Stand-By Arrangement” in IMF Country Report No. 14/106, p. 30–31, http://www.imf.org/external/pubs/ft/scr/2014/cr14106.pdf.


    Ukraine