Ukraine, IMF to continue work on monitoring program - mission chief

MOSCOW. Oct 21 (Interfax) - An International Monetary Fund mission that met with Ukraine officials in Vienna from October 17 to 20 had productive discussions and work will be advanced in the coming weeks to follow up on the authorities' request for Program Monitoring with Board Involvement (PMB), the IMF said in a statement.

"The PMB will lay out the authorities' policy intentions to support macroeconomic and financial stability and present an assessment of external financing needs for 2023," Mission Chief for Ukraine Gavin Gray said in the statement, posted on the IMF website on Friday.

"As such, the PMB will also provide a strong anchor for macroeconomic policies, further catalyze donor support, and help pave the way toward a fully-fledged Fund program," he said.

He said real GDP had contracted significantly, inflation had risen sharply, trade had been substantially disrupted, and the fiscal deficit had risen "to unprecedented levels."

In these "extremely difficult circumstances," the authorities are encouraged to "refrain from measures that erode tax revenues, as they strive to align expenditure with available financing."