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Former IMF chief economist Rogoff says will not be surprised at Russia's S&P downgrade

January 13, 2015, 19:12 UTC+3 MOSCOW
This shouldn’t be something shocking, that there is a downgrade, given the situation here, former IMF chief economist and Harvard Professor Kenneth Rogoff believes
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MOSCOW, January 13. / TASS / Former IMF chief economist and Harvard Professor Kenneth Rogoff said that he will not be surprised at the lowering of the S&P rating for Russia from BBB-to BB+.

“This shouldn’t be something shocking, that there is a downgrade, given the situation here. Not surprising. There are no easy moves, but there’s hope that things will get better,” Rogoff said in an exclusive interview with TASS.

He did not specify when the rating downgrade could take place.

Rogoff also added the economic situation in Russia has to be considered as a whole and “not just the explicit government debt, but also what is implicit through the banking system.”

Financial situation in Ukraine

Ukraine has a lot of financial problems, former IMF chief economist and Harvard professor Kenneth Rogoff said in an exclusive interview with TASS on Tuesday.

“[Ukraine] had a lot of difficulties before the crisis and they have a lot of problems now. They were in multiple IMF programs and were struggling to meet the conditions before and everything is harder now,“ said Rogoff.

In April of 2014, the IMF announced a decision to provide Ukraine with $17 billion in several tranches. So far, the program has allocated $8.2 billion. At the end of 2014, Ukrainian President Petro Poroshenko called on the IMF to consider increasing its funding for Ukraine. An IMF mission has been working in the country since early January of this year.

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