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Revision of IMF Ukraine stabilization program inevitable — deputy minister

August 20, 2014, 13:43 UTC+3 MOSCOW
Russia never planned to vote against another tranche for Ukraine in this stabilization program, an official adds
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© EPA/JIM LO SCALZO

MOSCOW, August 20. /ITAR-TASS/. The IMF could revise its Ukraine stabilization program, Russian Deputy Finance Minister Sergey Storchak said on Wednesday.

"Further revision is inevitable," he told a press conference. "Whether this adjustment increases the funding allotted will become known at the next conference expected in October or November with participation of Ukraine's donor countries if there are still any by that moment."

Russia never planned to vote against another tranche for Ukraine in this stabilization program, Storchak added noting worrisome signals about implementation of the stabilization program coming from the Ukrainian government.

“I was quite sceptic from the very start and did not expect the program would be implemented as it was adopted with those huge liabilities to increase efficiency of tax collection and given the economic effect of new tariffs adopted,” the official said. It would be difficult to carry out the program “to the letter”, he added.

“The fact that Ukraine’s vast territories with an important economic potential do not work to implement the stabilization program is a major factor that casts shadow on whether the stabilization program is realizable,” said Storchak. Another problem for the IMF was, he said, that the program was for the first time in the history allocated to a member country suffering from military actions in its territory.

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