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IMF mission to continue discussions with Ukrainian authorities over multi-billion loans

January 08, 2015, 9:05 UTC+3 KIEV
According to foreign experts, the Ukrainian government needs additional 15 billion dollars above the IMF-approved loan worth 17 billion dollars
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KIEV, January 8 /TASS/. The International Monetary Fund mission is to resume discussion of terms of a new loan to Ukraine on Thursday, January 8. The mission is expected to end its work in Kiev before the end of January.

The Ukrainian authorities are looking forward to the mission’s arrival in hope that the IMF is going to going to allocate multi-billion credits to Ukraine. On December 29, 2014, the Ukrainian parliament adopted the 2015 budget with an entire package of amendments to the country’s tax legislation. According to Ukrainian Prime Minister Arseniy Yatsenyuk and President Petro Poroshenko, the budget was adopted exclusively with a goal to receive a fresh IMF credit.

According to foreign experts, the Ukrainian government needs additional 15 billion dollars above the IMF-approved loan worth 17 billion dollars to prevent the collapse of the national financial system and economy. Ukraine urgently needs new loans due to the falling GDP and a rapid decline of exports to Russia, which is Kiev’s biggest trading partner.

The IMF has allocated a 17-billion-dollar credit to Ukraine to enable it to stabilize its budget amid the political and economic crisis. Ukraine received the first tranche of 3.2 billion dollars in May 2014; the second tranche worth 1.4 billion dollars arrived early in September. The allocation of the third tranche will depend on how well the Ukrainian authorities have been implementing the stabilization programme.

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