The Cabinet of Ministers of Ukraine, in collaboration with the International Monetary Fund, is working on launching a new Extended Fund Facility (EFF) program aimed at supporting the Ukrainian economy and implementing deep reforms.
This is reported by Finway
Key Areas of the New EFF Program
Under the leadership of the Minister of Economy, Environment, and Agriculture Oleksiy Sobolev, a meeting was held with the IMF delegation led by Gavin Gray. The central topics of the negotiations included structural reforms, enhancing corporate governance standards, and mobilizing capital for economic development.
“The new EFF program should serve as an important signal of trust from international partners and investors towards Ukraine,” emphasized the minister.
Among the priorities identified within the framework of the upcoming program, the government highlights reforms in the tax sector, improvement of the public procurement system, updating approaches to corporate governance, and strengthening investment protection mechanisms. All these issues were the subject of detailed discussions with the IMF mission.
Corporate Governance Reforms and Business Support
During the meeting, special attention was paid to attracting investments, creating incentives for businesses to bring assets out of the shadow economy, and further investing them in the Ukrainian economy. The government and the IMF are jointly studying international experience in implementing such mechanisms.
A separate issue was the reform of corporate governance in state-owned companies, particularly in light of the current situation with “Energoatom.” The Ministry of Economy presented partners with an action plan that includes updating the composition of supervisory boards, conducting open competitions for leadership positions, changing the nomination committee procedures, and preparing relevant legislation.
In the next phase of the reform, it is proposed to centralize some functions of the supervisory boards. The importance of ensuring transparent financial reporting and conducting independent audits of state enterprises, even in a state of martial law, is particularly emphasized.