NBU prepares new program with IMF: tax reforms, customs and legalization of crypto assets
НБУ
The Head of the National Bank of Ukraine, Andriy Pyshny, reported that among the key topics planned to be discussed with the International Monetary Fund within the framework of the new cooperation program are tax amnesty, the fight against the shadow economy, reform of the customs system and legalization of the virtual assets market. In addition, the focus of the negotiations remains on the issues of the balance of payments and ensuring external stability. Technical consultations are currently underway, and the main phase of the negotiations will begin in early November.
Andriy Pyshnyy spoke about this in a comment for Forbes. He recalled that in 2022, Ukraine did not have a full-fledged program with the IMF, but now the situation has changed dramatically.
” We have already successfully completed eight reviews of the current program and can confidently speak with the Fund about a new stage of cooperation. The difference between then and now is not only in numbers, but also in strengthening institutional capacity, the quality of interaction with partners, and the ability to respond promptly to challenges ,” the head of the NBU noted.
According to him, one of the leading topics of the next program will be the de-shadowing of the economy.
” We are talking about structural changes – tax reform and modernization of customs. Obviously, the tax system in general will also be discussed. A separate direction is the legalization of virtual assets, which can become an additional source of budget funding ,” Pyshny emphasized.
He also emphasized that the new program must take into account the requirements of Ukraine’s European integration course.
” The European vector is our strategic priority. Issues of balance of payments, competitiveness, and external stability are at the center of the discussion, along with macro-financial stability, which remains a basic condition for our stability in wartime and further economic recovery ,” the head of the NBU added.
Assessing the current state of the economy, Pyshny stressed that there is no reason to talk about stagnation. Economic growth is gradually recovering: in the first half of the year it amounted to 0.8%, and by the end of the year it is expected to be about 2%, according to the July forecast.
” The banking system is stable, has sufficient liquidity and demonstrates profitability. Lending to businesses is increasing by 30% every year, demand for hryvnia bonds is growing, which indicates confidence in the national economy. Citizens have invested almost UAH 60 billion in government securities – this is 4.6 times more than before the start of the full-scale war ,” Andriy Pyshny concluded.
It was also previously reported that the International Monetary Fund updated its forecast for Ukraine’s public debt level , expecting it to reach 108.6% of GDP by the end of 2025 — slightly less than expected in the April forecast (110%).
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