Order No. 621-r concerns the official approval by the Government of Ukraine of the text of the Letter of Intent and the Memorandum of Economic and Financial Policies, which are key documents for cooperation with the International Monetary Fund. This act authorizes the Minister of Finance, Sergii Marchenko, to sign the specified documents on behalf of the state. In effect, this is a procedural step that formalizes Ukraine’s commitment to implementing defined economic reforms in order to receive financial support.
The structure of the order is concise and consists of two main points: the approval of the draft documents (the Letter and the Memorandum) and the delegation of authority to sign them to the Minister of Finance. As this order is an individual act, it does not amend previous versions but merely legitimizes the current version of the agreements with the IMF for a specific period.
The most important aspect of this act is that it establishes the legal basis for signing international financial obligations. For practical purposes, it is important to understand that it is the approved Memorandum that defines the list of specific structural benchmarks and economic indicators that Ukraine commits to fulfilling in order to continue the cooperation program with the Fund.
