The role of the government in the economy during the war naturally increases and will likely remain elevated for some time given the huge spending needs on defense, social and reconstruction, so it is necessary to have an even stronger focus on transparent and efficient governance and expectations of continuous anti-corruption efforts, IMF Resident Representative in Ukraine Vahram Stepanyan has said.
The innovations of the EFF extended financing program "a floor on social spending" and "a floor on nominal tax revenues" are designed to help the authorities, in particular Ministry of Finance, to manage the fiscal accounts under extremely difficult circumstances of scarce resources and growing spending needs, International Monetary Fund Resident Representative in Ukraine Vahram Stepanyan has said.
The new EFF extended financing program, like previous programs of cooperation with the International Monetary Fund (IMF), will focus on reforms and activities in the energy sector, but it is expected that the main reform measures will be determined in the second stage of the program after the end of the war, International Monetary Fund Resident Representative in Ukraine Vahram Stepanyan has said.