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IMF team to visit Ukraine for $8.1 bln loan review

IMF team to review Ukraine's $8.1 billion loan program in coming weeks, focusing on reforms and tax base expansion.

Isabella Martinez
ByIsabella Martinez- Senior Editor
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IMF staff will travel to Ukraine in the coming weeks to review the country's progress under an $8.1 billion loan program, spokeswoman Julie Kozack said on Thursday.

Kozack stressed the need for Ukraine to mobilize more domestic financing to cover its significant financial needs, alongside external donor support.

Ukrainian authorities must broaden the tax base and reduce the informal economy, which accounts for about 45% of GDP.

The loan program, approved in February, faces its first review in June to assess whether Ukraine meets its targets.

Ukraine has struggled to pass legislation to increase the tax base, including VAT on cheap parcels and for self-employed individuals.

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