Ukraine Forex Reserves Up 22%

Following the second review by the International Monetary Fund in September, foreign reserves held by Ukraine have increased, NewEurope reported. Reserves have increased by 22% in the past 12 months to $15 billion, according to the National Bank of Ukraine. The IMF has loaned $7.6 billion to the country in its loan program which totals $17.5 billion to the end of 2018. Ukraine’s slow progress on stamping down on corruption and structural reforms were initially slowing the IMF installments. IMF Chief Christine Legarde said: “Further progress in fiscal reforms is key to ensure medium-term sustainability. The authorities need to avoid tax policy changes that lead to higher deficits. The focus should be on improving tax and customs administrations.”