Economy review in April 2023. How will the IMF program impact the budget, taxes, and stability in Ukraine?

Since March 2022, the Centre for Economic Strategy (CES), together with the German Economic Team (GET), has been preparing monthly reviews of Ukraine’s economy during a full-scale war. All notes can be found under the link.

In April, we traditionally reviewed the most important changes in the economy. Content of the note:

• Macroeconomic trends: updated GDP forecast for 2023, improving business expectations and damage assessment from a full-scale Russian invasion.
• Industry overview: restoration of electricity export, and changes in the metallurgical and agricultural sectors.
• Fiscal policy: tax revenues, volumes of foreign aid, and budget deficit.
• Monetary and exchange rate policy: slowing inflation, strengthening of the hryvnia, and growth of NBU reserves.

In addition, we discussed the new IMF program and its impact on taxes, the budget and the stability of Ukraine. Participants of the discussion:

• Danylo Hetmantsev, Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy;
• Robert Kirchner, Deputy Head of GET;
• Vahram Stepanyan, IMF Resident Representative in Ukraine.