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IMF Sends Fact-Finding Team to Ukraine

Flags of the IMFs 188 member countries at IMF headquarters, Washington, DC

Flags of the IMF’s 188 member countries at IMF headquarters, Washington, DC

IMF Mission to Ukraine

IMF Sends Fact-Finding Team to Ukraine

IMF Survey

March 5, 2014

  • Fact-finding team in Kiev at request of Ukrainian authorities
  • Team to conduct technical, independent analysis of economy
  • Talks kick off on best way to support the country

An IMF staff team is in Kiev to conduct a technical, independent analysis of the economic situation and to begin a preliminary dialog with Ukrainian authorities on a possible Fund-supported economic program.

The team, led by the IMF’s Nikolay Gueorguiev, arrived on March 4, and will conduct a review of the economy and discuss with the authorities the policy reforms that could form the basis of a Fund-supported program.  Such visits, called IMF staff “missions,” are typically the first step in responding to a member country’s request for financial support.

The head of the IMF’s European Department, Reza Moghadam, intends to join the discussions in Kiev for a few days during the staff visit. The team plans to conclude its work in about two weeks. It will then share its findings with IMF Management, who will propose a course of action to IMF Executive Board.

IMF Managing Director Christine Lagarde on February 27 acknowledged the authorities’ request for assistance, saying the Fund was “ready to respond” and was keen to determine how best to help.

IMF spokesman Gerry Rice fielded a range of questions on Ukraine at the Fund’s bi-weekly press briefing, also held on February 27. He explained the standard process that the IMF follows upon receipt of a request for assistance.

“The IMF can move very quickly,” said Rice. “It’s one of the features of the International Monetary Fund in crisis situations. That said, we do have our processes and we need to follow those and pay attention to proper due diligence.”

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