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IMF mission commences work in Ukraine — Finance Ministry

May 12, 2015, 13:44 UTC+3 KIEV
The mission will focus on the first review of anti-crisis program implementation by the Ukrainian authorities
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© Stepan Petrenko/TASS

KIEV, May 12. /TASS/. A mission of the International Monetary Fund (IMF) commenced work in Ukraine on Tuesday, a representative of Ukraine’s Finance Ministry told TASS.

"The mission’s planned work started today in Ukraine. It will last for around 2-3 weeks, if needed the mission’s work period may be extended," the representative said.

The mission will focus on the first review of anti-crisis program implementation by the Ukrainian authorities. According to the IMF rules, the next credit tranche is impossible unless the review is officially finalized.

Earlier the Ukrainian Finance Minister Natalie Jaresko said a number of reforms should be implemented and necessary regulatory acts should be adopted in the country before the mission arrives.

Kiev planned to reach agreement with international creditors on its debts restructuring before the mission arrived. According to the country’s Prime Minister Arseniy Yatseniuk, the issue was about restructuring around $23 bln worth of debts.

In March this year, Ukraine received the first IMF tranche worth $5 bln within the framework of the 4-year financial aid plan worth a total of $17.5 bln.

The new IMF program is the main component part of the international anti-crisis aid package provided to Ukraine, estimated at around $40 bln in the next 4 years. Within the package, remission of around $15 bln worth of Ukraine’s debts is also stipulated.

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