Andrei Reva




The Memorandum with the IMF does not contain rules on the freezing of the minimum wage or raising the retirement age.

Updated Memorandum on the continuation of the reform program approved by a key creditor of Ukraine International monetary Fund in March 2015, does no t contain the obligations of the authorities of our country, freezing the minimum wage, ban on work for pensioners, as well as a General increase in the retirement age. In an interview with journalists said the Minister of social policy Andrei Reva.

The Memorandum was agreed upon in the beginning of March and final approval will take place before the meeting of the IMF Board of Directors scheduled for March 20.

“In the final Memorandum, there are no provisions to freeze the minimum wage for three years, banning pensioners to work. There is no increase in the retirement age. No apocalyptic things in Memorandum no. And you will be able to see this”, – said the Minister.

He also added that the Memorandum formed in the interests of Ukraine and citizens of Ukraine. Moreover, on many issues, managed to convince the IMF to accept a government point of view.

As reported, Ukraine resumed cooperation with the IMF on a four-year program of expanded financing (EFF) in the amount of 17.5 billion dollars. in September 2016 after a year of absence. Under this program, our country received three loan tranches with a total volume of 7.62 billion dollars. Until the end of 2016 Ukraine expected to receive the fourth tranche of $ 1 billion. and executed for this key condition, namely, adopted the state budget for 2017 and carried out the nationalization of the country’s largest Bank “PrivatBank”. However, the Board of Directors meeting on the Ukrainian question and the allocation of money was delayed all the time.

In early March, Ukraine and the IMF agreed on a renewed Memorandum of cooperation. As noted by Prime Minister of Ukraine Vladimir Groisman, the key recommendations of the International monetary Fund for Ukraine will be pension reform and the introduction of land turnover. Moreover, in the framework of the pension reform Ukraine has undertaken obligations to raise the retirement age.