Business news from Ukraine

UKRAINE PUBLISHES AUDIT OF COVID FUND BY 2021 – MEMORANDUM WITH IMF

Ukraine, under the updated memorandum with the International Monetary Fund (IMF), has undertaken to complete and publish an audit of the remaining portion of the funds of the Fund to Fight against COVID-19 spent by Ukravtodor by late 2021.”Complete and publish the audit of the remaining portion of the funds spent out of the COVID-related spending program by end-December 2021,” according to the document released by the IMF on Wednesday.This condition is one of the structural benchmarks of the Stand-By Arrangement.It is clarified that all 100% of the funds allocated for the fight against COVID-19 will not be subject to audit, since the costs of a comprehensive audit in this area by far would outweigh the benefit.”We will complete the audit of the remaining portion of the funds spent out of this budget program – mostly spent by the state road fund [UAH 13.3 billion] – by end-December 2021,” the document said.”While confidentiality agreements with suppliers may not allow for public disclosure of details on some spending, we are currently exploring options to make this possible,” it said.According to the memorandum, following the audit of the COVID-related spending, law enforcement agencies are already considering 212 cases.

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