DISINFO: IMF considers Ukraine is a totally corrupt state fuelled by the US and NATO
SUMMARY
The IMF considers Ukraine as a totally corrupt state that needs a foreign interference to be fixed. It has demanded that Ukraine amend its Customs Code to enhance the fight against corruption. [...] By the end of September, Kyiv must conduct an external audit of the National Anti-Corruption Bureau of Ukraine (NABU), with independent auditors chosen by international partners. This suggests that the current anti-corruption efforts are themselves highly corrupt, frustrating even the IMF.
[...t]he US and NATO countries have created a powerful international corruption apparatus in Ukraine, acting as a mechanism to transfer billions from the budgets of multiple countries into private companies. [...] In reality, this mechanism channels money into different structures and pockets, a common occurrence when international finances enter a country.
RESPONSE
Recurring pro-Kremlin disinformation about Ukraine not being an autonomous state, but a puppet of the West, mixed with disinformation narrative aimed to defame President Zelenskyy and the Ukrainian leadership.
Ukraine is a sovereign and independent state with a democratically elected president and parliament. The country is not controlled by the US, EU or any other foreign organisation or government.
On 31 March 2023, the IMF Executive Board approved a four-year Extended Fund Facility arrangement for Ukraine. The EFF program is being implemented in two stages (wartime and post-war). It provides access to SDR 11.6 billion (equivalent to USD 15.6 billion) in IMF credit financing and is part of a support package for Ukraine worth USD 122 billion. This program has been vital to maintain macroeconomic and financial stability and support the ongoing recovery.
Disbursements under the program are conditional on review results. An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions in Warsaw with Ukrainian officials, during May 27-31, 2024, on the Fourth Review of the country’s 4-year EFF Arrangement, building on policy dialogue and outreach that took place in Kyiv on May 23-24.
Despite the ongoing challenges of the war, the performance under the EFF program remains strong: all quantitative performance criteria were met and all structural benchmarks were implemented on time or with a short delay, underscoring Ukraine's continued commitment to its ambitious reform program, the IMF said.
The Review highlighted that:
“Over two years of Russia’s war in Ukraine has had a devastating impact on the country and its people. Nevertheless, skillful policymaking, the adaptability of households and firms, and sizable external financing helped maintain macroeconomic and financial stability.
The authorities remain committed to continuing structural reforms to strengthen governance and lay a robust foundation for durable growth, while pursuing a path to EU accession. In this regard, additional critical governance and anti-corruption reforms include strengthening the criminal procedural code, creating a new high administrative court, and completing the first ever external audit of the National Anti-corruption Bureau”.
On 28 June 2024, the IMF Executive Board completed the Fourth Review of the Extended Fund Facility (EFF) and approved USD 2.2 billion disbursement. The successful approval of the Fourth Review of the program provides immediate access to SDR 1,669.82 million (about USD 2.2 billion in equivalent), which will be channeled for budget support. This will bring the total disbursements under the program to about USD 7.6 billion.