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IMF: anti-crisis program for Ukraine associated with exceptional risk

March 12, 2015, 11:33 UTC+3 WASHINGTON
The program is subject to exceptional risks, especially those arising from the conflict in the east, IMF First Deputy Managing Director David Lipton said in a press release on Wednesday
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© EPA/JIM LO SCALZO

WASHINGTON, March 12. /TASS/. The International Monetary Fund (IMF) has acknowledged that a new anti-crisis program for Ukraine approved Wednesday is associated with an exceptional risk because of the conflict in the country’s east.

IMF First Deputy Managing Director David Lipton said in a press release on Wednesday that this risk can affect the country’s ability to support stabilisation efforts and conduct structural reform for the resumption of economic growth. "The program is subject to exceptional risks, especially those arising from the conflict in the east, which may affect the country’s ability to sustain the stabilization efforts and deliver the structural overhaul needed to resume growth," he said.

"Notwithstanding a strong policy-led adjustment effort in 2014, the Ukrainian economy continues to be affected by the conflict in the east and the attendant loss of confidence. The deep recession and sharp exchange rate depreciation aggravated existing vulnerabilities, weakened bank balance sheets, and raised public debt," Lipton said, in particular.

The volume of the IMF’s four-year extended arrangement under Extended Fund Facility for Ukraine is $17.5 billion. Kiev can get $5 billion of this amount immediately and the same sum by the end of this year. In addition, the decision of the IMF management should allow Ukraine’s authorities in the coming weeks to attract another $3-4 billion from other sources. The new IMF program is the main component of a package of international anti-crisis assistance to Ukraine, estimated at about $40 billion over the next four years. This package also envisages a significant write-off of Ukrainian debts — for about $15 billion.

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