The Ukrainian authorities are launching a medium-term program to cut jobs in a public sector, planning to reduce the number of civil servants (excluding military servicemen) by 4% by the end of 2017 and another 10% by the end of 2019, according to the updated Memorandum signed with the International Monetary Fund on the results of the third review of the Extended Fund Facility for Ukraine.
As noted in the document, Ukraine will also continue optimizing the number of civil servants – employees of ministries and other state structures, to reduce the number of full-time employees by 5% by the end of 2017, and by another 10% by the end of 2019.
Earlier, the Executive Board of the International Monetary Fund on April 3 completed the third review of the EFF for Ukraine and approved the provision of the next loan disbursement worth $1 billion, which will be received in the coming days and will be sent to the international reserves of the National Bank of Ukraine.
The National Bank expects that Ukraine will continue to follow the path of reforms within the framework of the International Monetary Fund`s program and by the end of the year will receive three more tranches of financing totaling about $4.5 billion, which will increase foreign exchange reserves to $20.8 billion.
